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DTN reported that most corn and soybean areas in Brazil and Argentina have very favourable growing conditions as of January 11. Brazil's northeast around Bahia faces hot, dry conditions with some crop losses expected, though it is a small share of output.
Argentina has had flooding after earlier dryness, and some double-crop soybean acreage may be lost.
Favourable South American weather supports expectations of large soybean and corn supplies, which pressures prices. Argentine double-crop losses and Bahia damage are small relative to the total crop and only partly offset that pressure.
dtnpf.comMike PalmerinoJan 11, 2017After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
