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Argentine farmers have slowed soybean sales because they view the peso as overvalued and expect it to weaken further. Buyers such as Glencore and Bunge face growing stockpiles, and the government is losing export revenue as it negotiates a $65 billion debt restructuring.
Farmers holding back soybeans tightens near-term export availability, which supports soybean and meal prices while the hoarding continues.
bloomberg.comJonathan GilbertMay 20, 2020After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
