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Rainfall in Brazil was well below average during January, with large areas from eastern Bolivia and northern Paraguay to Minas Gerais and Bahia receiving less than half of normal. Parts of northeastern Brazil and northern Mato Grosso do Sul received under 25% of normal.
Concern is growing for early soybeans and planting of second-crop corn and cotton.
One of the driest Januarys in recent memory raises the risk of lower soybean output and reduced second-crop corn, supporting feed grain and meal prices.
world-grain.comDrew LernerJan 30, 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), 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.
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.
