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Drought is hitting agriculture in 18 countries, including much of Europe, the UK, China, India, parts of Latin America and the Horn of Africa, with 42 US states experiencing moderate to severe dryness. Analysts expect lower yields to push food prices higher, with USDA August yield reports cited as a key upcoming driver.
Widespread drought across major producers reduces global grain and oilseed output, supporting prices for corn, wheat and soybeans and raising feed costs.
theepochtimes.comAutumn SpredemannAug 24, 2022After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,079 past bullish weather events, SOY 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, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), 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.
