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Argentina's soybean sowing may be delayed by dryness, with little November rainfall so far and no rain forecast for parts of the north, Buenos Aires and Santa Fe. The Buenos Aires Grains Exchange estimates 18.1 million hectares for 2017/18 soybeans, with 12% ordered as of the prior Sunday.
Analysts had warned in October that La Niña could bring drought to the rest of the year.
Argentina is the largest soybean meal exporter, so planting delays and possible yield losses from La Niña dryness could tighten meal and soybean supplies later in the season and support prices.
zmp.deNov 14, 2017After 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.
