Loading…
NASA Earth Observatory reports that the ongoing El Niño is disrupting rainfall worldwide, with too much rain in some areas and too little in others. FEWS NET partners project that 110 million people will need food assistance, based on projected impacts on wheat, maize, rice, soybean and sorghum yields.
The event is forecast to strengthen through late 2023 before dissipating by mid-2024.
Projected yield losses in major feed grains and rice from El Niño-driven drought in Southern Africa, Latin America, Australia and Southeast Asia would tighten global supplies and support corn and wheat prices. Wetter conditions in the southern US are a partial offset.
science.nasa.govNASA Earth ObservatoryOct 30, 2023After 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 1,072 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 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.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
