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A USDA GAIN report dated August 30 forecasts Argentina's 2017-18 soybean crop at 36 million tonnes, down 37% from early-year estimates. National average yield fell 22% to 2.12 t/ha, with only northern Buenos Aires, southern Santa Fe and eastern Cordoba escaping serious drought damage.
Soybean imports for January-June 2018 reached 2.72 million tonnes, more than double the prior year.
A much smaller Argentine crush and export supply tightens global soymeal and soyoil availability, supporting meal and oil prices and pushing buyers toward US and Brazilian beans. Argentina's import surge signals it is competing for supply, which underpins soybean prices.
world-grain.comArvin DonleyAug 31, 2018After 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 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
