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Farm Progress outlines how the El Niño winter shapes 2024 Northern Hemisphere wheat prospects. France's planted area is down 11% after excess autumn rain, while Russia has received above-normal winter precipitation that favors yields and Australia may face production problems.
Mixed regional outlooks mean wheat price direction depends on whether Russian and European crops offset expected shortfalls in Australia and Southeast Asia.
farmprogress.comJan 8, 2024After 224 past neutral weather events, WHEAT moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
