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Dry weather has hit about 20% of the Pampas growing area in Argentina, per University of Buenos Aires meteorologist Eduardo Sierra. He cut his 2019-20 wheat forecast to 17 million tonnes from 20 million, corn to 40 million tonnes (down 20%), and soybeans slightly to 50 million.
Lower Argentine wheat and corn output tightens South American export supply at a time when China is leaning on Argentina for soymeal, which supports meal and grain prices.
world-grain.comArvin DonleySep 30, 2019After 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 1,072 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 1,079 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.
