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A drought that began September 21 continues to damage late-planted and growing soybean and corn crops in Argentina. Soybean and soymeal prices reached their highest levels since July on supply concerns.
Farmers such as Juan Graneros say even rain next week would not repair the damage.
Argentina is the top global supplier of soymeal and a major soyoil and corn exporter, so lost crop volume tightens world feed protein supplies and supports prices.
biofuelsdigest.comadminDec 8, 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.
