Loading…
Argentina's Ministry of Agriculture raised its total crop area forecast by 50,000 ha to 7.3 million ha, with gains in Cordoba and Buenos Aires. The soybean area forecast was cut by 0.35 million ha to 19.45 million ha, the lowest in five years, with the largest declines in Cordoba and Santa Fe.
A smaller Argentine soybean area tightens the global soy and meal supply outlook, supporting soybean prices. The larger corn area adds supply to a market that is already well supplied, which weighs on corn prices.
grainsprices.comGate.BGMar 1, 2017After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
