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Argentina's soybean planting is running behind last year because of weather, and Argentina and Brazil together supply more than half the world's soymeal and soyoil. Brazil is preparing to raise its biodiesel blending mandate.
Traders expect weak near-term demand from major buyers.
Weather-related planting delays and a possible Brazilian biodiesel mandate increase could squeeze global meal and oil supplies. That would support soymeal and soyoil prices.
spglobal.comJan 4, 2023spglobal.comSamyak Pandey, Jose Roberto GomesJan 4, 2023After 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.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), 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.
