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DTN meteorologist Mike Palmerino reports that weather remains very favorable for Brazil's second-crop (safrinha) corn in central Brazil, with scattered storms and no significant dryness this season. Flooding in northern Argentina and Paraguay from heavy storms may have affected soybean and cotton harvests.
Sea surface temperatures in the eastern equatorial Pacific were still in weak El Niño territory.
Good safrinha conditions point to a large Brazilian corn crop that will compete for export sales later in the year, which is bearish for corn and related feed prices. Argentine flooding adds modest support to soybean meal but is unlikely to change the balance much.
dtnpf.comMike PalmerinoApr 23, 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 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.
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.
