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Reuters reports a US forecaster sees a higher chance of La Nina conditions developing this summer. The article notes India restricted rice exports after a poor monsoon, Australian wheat output was hit, and Southeast Asian palm oil plantations and rice farms received below-normal rain.
La Nina typically brings drier conditions to parts of South America and can affect Australian and Southeast Asian output, tightening supplies of wheat, palm oil and rice and supporting prices.
reuters.comMar 14, 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.
After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
After 179 past bullish weather events, Rough Rice moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
