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The JRC's July ASAP assessment reports above-average Southern Africa cereal harvests, about 11% above the five-year average. It flags high risk of insufficient rain in East Africa linked to El Nino.
Strong Southern Africa harvests add regional supply and limit import demand, while East African drought risk is a localized food security concern with little global price weight.
joint-research-centre.ec.europa.euAug 8, 2023After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
