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An unusually dry August in Asia has damaged cereal and oilseed crops as El Nino intensified. Forecasts of lower rainfall for September threaten further supply disruption.
Lower rice and palm oil output from Asia tightens global supplies and supports prices for rice, palm oil and feed grains. Further dryness in September would extend the pressure.
reuters.comNaveen ThukralAug 30, 2023After 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 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 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.
