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Brazil's soybean crop is being described as strong, with Mato Grosso harvest yields of 53.33 to 57.99 bushels per acre and Paraná yields of 56.2 to 61.56 bushels per acre. Brazilian farmers are slowing sales because of a weaker real, and wet weather is expected to delay harvest in several central states through January.
Strong yields add to global soybean supply, which is bearish for soybeans and meal, while slower farmer selling tightens near-term export availability and limits the price drop. The weaker real reduces the price of Brazilian beans in dollar terms and encourages farmers to hold back supply.
agriculture.comSuccessful Farming StaffJan 24, 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 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.
