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Heavy rain of 150 to 300 millimeters fell on parts of Argentina's Chaco province on Feb. 14-15, flooding fields and cutting off roads.
Analysts said the losses are marginal for national output, and the Buenos Aires Grains Exchange still expects 53.1 million tons of soybeans in the 2019/20 season.
Localized flood damage in a small share of Argentina's soy and corn area is unlikely to reduce total exports, so supply concerns from this story are limited and mostly bearish for soy prices.
en.mercopress.comFeb 20, 2020After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
After 55 past neutral weather events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% over 20.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
