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President Macri announced new agricultural support policies at ExpoAgro 2019 and praised producers for recovering from the worst drought in 50 years. A record harvest is anticipated this year, and the government's crop export tax introduced last year was mentioned.
A record Argentine harvest expected this year points to larger soybean, meal and corn export supplies, which is bearish for world prices, while the export tax affects farmer selling decisions.
batimes.com.arJames GraingerMar 13, 2019After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 222 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.1% to +1.2%), and -0.6% 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.
