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Southern Brazil has been notably dry, with precipitation 60 to 80% below normal and crop losses to corn and soybeans reported. Central Brazil has better soil moisture, and Argentina's drier conditions favor corn and soybean harvest progress.
Southern Brazil crop losses reduce export supply of corn and soybeans, supporting prices, while Argentine harvest progress adds offsetting supply.
dtnpf.comJohn Baranick DTN Ag MeteorologistApr 14, 2020After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
