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Corn and soybean futures rose as another hot, dry spell hit Argentina, with temperatures forecast in the 100s and almost a month without meaningful rain. Analysts noted Argentina supplies about half of world soymeal exports, and November soybeans traded near $10.10.
Drought risk in Argentina threatens soybean and soymeal export supplies, supporting soy complex prices and raising the cost of protein feed for buyers.
iowaagribusinessradionetwork.comStaff EditorJan 29, 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.
