Drought, low prices to drop Mexico’s grain production

After 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.

• Feb 15, 2024Drought raises Mexico’s corn import outlook | World Grain+0.3%
• Nov 8, 2022Drought drops France’s maize output | World Grain-0.0%
• Sep 4, 2023Crop tour sees lower soybean estimates due to drought, record heat | World Grain+0.4%
• Aug 30, 2023Extreme heat, drought take toll on US crops | World Grain-0.0%
• Oct 12, 2026Argentina’s soy production grows under super El Niño | World Grain-1.1%

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.

• Jul 11, 2017ABN Amro: Grain prices higher due to US drought • De Molenaar-2.0%
• Dec 4, 2018Australia’s winter crop production estimated to plummet 23% | 2018-12-04 | World Grain-0.3%
• Sep 3, 2019World wheat production drops - eComercio Agrario-0.8%
• Sep 11, 2018Drought bites in the east as ABARES forecasts 12pc cut to grain production - ABC News-7.4%
• May 16, 2019Drought takes toll on Australian grain | 2019-05-16 | World Grain+10.5%

Not enough comparable past events yet for a historical read.