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Farmers in Mato Grosso, Brazil's largest soybean-producing state, told Reuters that scarce December rains will reduce soybean yields and possibly output. Dry weather and high temperatures are also accelerating the crop cycle, leading some growers to consider early harvesting despite yield risk.
A drought-driven cut in Brazilian soybean output would tighten the export supply that has been weighing on prices, supporting soybeans, meal and oil.
reuters.comRoberto SamoraDec 26, 2018After 1,079 past bullish weather events, SOY 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, SBM 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.
