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Gro Intelligence reports that in February the USDA cut its forecast for Argentina's 2016/17 soybean crop from 57 to 55.5 million metric tons. Torrential rains from late 2016 into mid-January dampened production, with Santa Fe receiving about 50mm in one day in early 2017.
The report notes this is the second consecutive season of regional flood damage.
Lower Argentine output reduces export availability and supports soybean and meal prices, which matters for feed cost planning.
gro-intelligence.comMay 2, 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.
