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| What happened the last time Brazil had a drought?
Below is a great chart from Shawn Hackett.
The 2015 to 2016 growing season they had a historical drought.
Soybeans continued lower despite the concerns but eventually found a bottom the last week of February before ramping higher once the market and the funds finally realized how short the Brazil crop was.
Of course no years are ever the same. But it’s interesting how long it took them to realize the damage last time.
We could be potentially looking at a similar scenario this year if the Brazil crop does indeed wind up being as small as some bulls indicate it is..
Below is the corn chart from 2016 as well.
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What happened the last time Brazil had a drought?
