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Buenos Aires Grains Exchange estimates put the drought's hit to this year's grain exports at up to $3.4 billion. The article says the wider damage to related industries could be larger.
Lower Argentine soybean and corn output reduces global export supply and supports prices for both crops. Argentina's shortfall increases reliance on imports, which lifts demand for U.S. product.
apnews.comAlmudena CalatravaApr 3, 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 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.
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.
