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ClimateAi reports that the 2023-24 Southern Hemisphere harvest will bring low to non-existent yields in many regions because of heat and drought in Brazil, southern Africa and Australia. Strong El Niño, a positive Indian Ocean Dipole and the MJO combined to produce too little rain at the wrong time for corn, soybeans and cocoa.
La Niña is expected to help only from next summer.
Losses in Brazilian corn and soybeans reduce export availability and support feed grain and meal prices in the near term.
climate.aiAlex LunaMar 27, 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.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
