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Severe drought in Argentina has cut winter crop plantings, with the Buenos Aires Grain Exchange trimming its 2022-23 wheat area forecast to 6.1 million hectares, the fifth cut since May. Late planting, early frosts and dry soils in central growing regions are weighing on production.
Smaller Argentine wheat and barley crops reduce exportable supply and support global wheat and feed barley prices, with the ongoing drought adding upside risk.
graincentral.comGuest AuthorAug 2, 2022After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
