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The South African Weather Service flipped its long-range forecast to predict wetter-than-usual conditions over most of the summer rainfall region from October, except Limpopo. The change follows a La Niña outlook, and the Weather Service previously expected drier conditions.
Better rainfall for South Africa's grain belt would support a larger 2024/25 maize and wheat crop after El Niño damage, easing import needs and modestly weighing on prices.
dailymaverick.co.zaEd StoddardAug 1, 2024After 357 past bearish weather events, CORN moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
