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AHDB's daily grain report says La Niña could return in summer 2024, with NOAA putting the chance at 65% for July to September and 85% for November to January. UK feed wheat futures eased on strong expected US end-of-season stocks and improving Russian crop prospects.
The report notes La Niña often causes major weather changes in many regions.
Expected La Niña weather could affect crop yields in several exporting regions, which supports the price outlook for wheat. Current pressure on wheat prices comes mainly from ample supply, so the weather risk is a longer-term support.
mainsitelive.azurewebsites.netJul 11, 2024After 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.
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.
