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Scattered storms in central Brazil over the prior week came too late to help most of the soybean crop, which is largely harvested. Hot, dry weather stressed pod-filling soybeans in southern Brazil, particularly Rio Grande do Sul, while Argentina's weather favored crops.
Sea-surface temperatures in the eastern Pacific remained at El Niño levels in January.
Southern Brazil soybean stress raises modest downside risk to supply, which could firm soybean meal prices, while El Niño conditions add uncertainty to South American output.
dtnpf.comMike PalmerinoFeb 6, 2019After 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.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
