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Agriculture Portal says La Niña prospects for South Africa's 2024/25 summer crop season are encouraging, with the IRI placing the probability above 50% between now and April 2025. The article notes that South Africa had a difficult 2023/24 season under El Niño.
It adds that the South African Weather Service has not yet declared a La Niña event.
Expected above-average rainfall would support a better South African maize crop after last season's El Niño losses, which could reduce import demand from the region. The effect on global feed prices is modest.
agricultureportal.co.zaFarming PortalJul 8, 2024After 2,467 past weather events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +1.7%), and +0.6% over 20.
After 1,964 past weather events, Soybeans moved a median +0.1% over 5 sessions (51% higher; middle half -1.7% to +1.8%), and +0.3% over 20.
After 1,773 past weather events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +2.1%), and +0.2% over 20.
After 361 past weather events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +1.3%), 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.
