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Argentina and the IMF agreed to raise financing to $57 billion from $50 billion previously. The article notes a severe drought has damaged crop yields in the world's third-largest soybean and corn exporter.
Drought-reduced Argentine output tightens export availability for soymeal and corn, supporting prices, while the financing deal limits forced selling by the government.
apnews.comThe Associated PressSep 26, 2018After 172 past bullish policy events, Soybean Meal moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +1.7%), and -0.8% over 20.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% 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.
