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Hot, dry weather is damaging Argentina's soybean crop, and analyst Dale Durchholz says reduced output could cut Argentine meal processing. Chicago soybean meal futures have surged over recent weeks on expected crop losses.
Argentina supplies roughly half of world soymeal trade, so reduced processing there raises demand for U.S. meal and supports prices for feed buyers. The U.S. meal export pace is already ahead of last year.
brownfieldagnews.comFeb 21, 2018After 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 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.
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.
