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NASA's Earth Science team reports that heavy rains in late December 2016 and early January 2017 flooded Argentina's soybean provinces. Rosario Grains Exchange estimated nearly 4 million acres of soybeans were damaged.
Chicago Board of Trade soybean and soymeal prices hit six-month highs in mid-January.
Flood losses in the third-largest soybean exporter tightened global soy and soymeal supply and lifted prices, raising feed protein costs for buyers.
science.nasa.govEarth Science Division Editorial TeamMay 8, 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.
