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Argentine farmers are reluctant to sell soybean export dollars as the peso weakens, with a bumper corn crop reported on some farms. Farmers are holding back sales while the currency remains under pressure.
Reluctant farmer selling tightens near-term Argentine export supply and can support soybean and meal prices, while peso weakness encourages eventual selling.
bloomberg.comJonathan Gilbert, Ignacio Olivera DollMar 19, 2019After 50 past neutral macro events, Soybeans moved a median -0.3% over 5 sessions (48% higher; middle half -2.2% to +1.3%), and -0.8% over 20.
After 78 past neutral macro events, Corn moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% over 20.
Not enough comparable past events yet for a historical read.
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.
