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Argentina's Agriculture Secretariat forecasts a 2018/19 grain harvest of 140 million tonnes, up 25 percent, with soybeans at 54.2 million tonnes and corn at 49.68 million tonnes. The country is recovering from its worst drought in 60 years and hopes to win Chinese access for soymeal exports.
Argentina imported US soybeans for the first time in 20 years this year.
A large Argentine harvest and expected record soybean exports to China add supply to world oilseed and corn markets, pressuring prices, while the trade war keeps China's soymeal sourcing in flux.
datamarnews.comNov 9, 2018After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
