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Argentina's key grain and oilseed areas received extremely little rain in the first half of December, with many locations getting a quarter of normal rainfall. Topsoil moisture was rated short to very short just before December 15, while nearly half of the 2018 corn and soybean crop was still unplanted.
Forecasts pointed to rain for December 15-25.
Dry conditions during planting and early crop development threaten yields from a leading global soymeal and corn exporter, supporting soybean meal, soybean and corn prices unless the forecast rain arrives.
world-grain.comDrew LernerDec 18, 2017After 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.
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.
