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Floods in China's northern grain belt have damaged corn and rice crops, with an estimated 4-5 million tons of corn, about 2% of output, affected. More rain is forecast as another typhoon approaches.
Crop losses in China raise import demand for corn and grain at a time of tight global supplies, supporting feed grain prices and food inflation concerns.
reuters.comNaveen ThukralAug 11, 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 179 past bullish weather events, RICE moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
