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Daily rains have slowed the early soybean harvest in Brazil's Mato Grosso, where producers had harvested 1.5% of 23.3 million acres versus a five-year average of 2.9%. Yields so far appear unaffected, with one producer averaging about 52 bushels per acre.
Late bean harvesting has also delayed safrinha corn planting, which was only 0.08% complete on the 10.5 million-acre projection.
Delayed soybean harvest and late second-crop corn planting raise some uncertainty over Brazil's safrinha output, a supportive factor for corn and meal prices, though healthy bean yields limit the bullish impact.
farmprogress.comJames ThompsonJan 26, 2018After 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 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
After 55 past neutral weather events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% 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.
