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A weekly rice update says the World Bank expects an upcoming El Niño dry spell to cut Southeast Asian rice output, with an estimated 1.3% global production decline. NOAA reported an 82% chance of El Niño forming between May and July 2023.
Indonesia expects El Niño to affect 560-870 thousand hectares of rice land in the second half of 2023.
El Niño-driven output losses in Asia's major exporters could tighten rice supplies and support higher rice prices later in 2023.
tridge.comVictor LangatJun 23, 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.
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.
