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Dry weather has affected about one-fifth of Argentina's grain-growing area, according to meteorologist Eduardo Sierra. He cut his 2019/20 wheat forecast to 17 million tonnes from 20 million and his corn outlook to 40 million tonnes, while soy was trimmed to 50 million tonnes.
Smaller Argentine wheat and corn crops tighten exportable supplies from a major exporter, which supports prices for those grains. Soybean hedging by growers adds some offsetting pressure on soy.
proag.comOct 1, 2019After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 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 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.
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.
