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Severe drought in Southern Africa since late 2023, fueled by El Niño, has sharply cut maize yields and triggered disaster declarations in Malawi, Zambia and Zimbabwe. Large stocks from two above-trend harvests may cushion food security impacts, and the article notes prospects for better weather in the coming crop year.
Lost maize output in Southern Africa raises regional import needs and supports global maize prices, though carry-in stocks limit the near-term price effect.
ifpri.orgJoseph Glauber, Weston AndersonApr 10, 2024After 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.
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.
