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After several weeks of drier-than-normal weather in central Argentina and a turn to hotter temperatures, forecast models showed a chance of moderate to heavy rain in key corn and soybean areas. Corn and soybean planting in Argentina was about 55% complete as of December 7, close to last year's pace.
La Nina conditions raise the risk of drought in central Argentina if dryness persists into January.
Rain is needed to prevent losses on early-planted Argentine corn approaching reproduction, so the outcome of the forecast system will affect near-term corn and soybean price sentiment.
dtnpf.comMike PalmerinoDec 13, 2017After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
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.
