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AccuWeather reports that March rainfall was well below normal across southern Brazil, including Rio Grande do Sul and Santa Catarina, with some cities receiving 35% or less of normal. Northern Argentina recorded 30% to 65% of normal rain, and heat has stressed corn and soybean crops, reducing yield prospects.
Drought and heat in key South American growing areas cut expected corn and soybean output, which tightens export supply and supports prices for feed grains and soymeal. The impact depends on how much of the crop is already set.
upi.comCourtney Spamer, Accuweather.comMar 31, 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, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
