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Extreme dryness in Brazil's central and northern savanna region has slowed soybean planting, with Mato Grosso expected to plant well below its usual 5% by Oct. 1.
Parana's planting is also running at roughly 1% complete, the slowest start in modern times, as producers wait for 1 to 3 inches of rain.
A slow planting start pushes back the harvest and raises the risk of a smaller Brazilian soybean crop, which supports soybean and meal prices as Brazil competes for export share.
iowafarmbureau.comSep 25, 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.
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.
