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DTN reports that Argentina's crop belt has not received enough rain, with only a light chance of 0.25 to 0.75 inch of showers expected around January 20. Soil moisture is widely variable, and February is a critical fill month for corn and soybeans.
Analysts warn of possible crop losses if dryness persists.
Lost Argentine soybean and corn output would tighten export supplies, supporting soybean meal and soybean prices as South America is the main export origin.
dtnpf.comBryce AndersonJan 24, 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 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.
