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The Rosario grains exchange expects Argentina's 2018/19 soybean crop at 56 million tons, two million above prior estimates, and corn at 48 million tons versus 47.3 million previously. Favorable weather during the harvest is driving the upgrade after last year's drought.
A larger Argentine harvest adds export supply for soybeans, meal and corn, which is bearish for global prices and competes with US exports.
en.mercopress.comApr 11, 2019After 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.
After 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.
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.
