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Heavy rains in Brazil's major farm state disrupted late soybean and corn harvests. Soybean harvest in the state reached 76% of planted area, and Chicago soybeans jumped to their highest level in more than a period after flooding hit Southern Brazil.
Flood-related harvest delays and quality risk in a top Brazilian producing state tighten global soybean supply, supporting soybean and meal prices.
reuters.comAna ManoMay 2, 2024After 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 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, 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.
Heavy rains disrupted Brazil's late soy harvest and pushed Chicago soybeans higher, lifting the complex including meal.
Heavy rains disrupting Brazil harvest lifted Chicago soybeans, supporting meal on supply concerns.
Heavy rain disrupted Brazilian harvest, pushing Chicago soybeans to highs and lifting meal via supply concerns.
