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DTN reports that rains over the past weeks have replenished soil moisture in Argentina and Brazil after a dry early summer. Forecasts call for widespread moderate to heavy rain through late November, with the trade now confident both countries could reach trend-line yields for 2020 corn and soybeans, though it remains early.
Improved moisture lowers the risk of a South American supply shortfall, which weighs on soybean, corn and meal prices as the 2020 crop develops.
dtnpf.comDana MantiniNov 19, 2019After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
