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FEWS NET says the strong El Niño will keep 105-110 million people needing food assistance through at least early 2024. Needs are rising in Southern Africa and Latin America and falling in East Africa.
The agency warns that drought and above-average temperatures will hit agricultural production and food prices in drought-prone areas.
Below-average rainfall expected in Southern Africa and Latin America points to weaker maize and other crop output in those regions, which can support import demand and corn prices. The effect is mostly regional and gradual.
fews.netOct 3, 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.
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.
