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Monsoonal troughs brought widespread rain to tropical northern Australia, while southern Queensland cropping areas had little rain. Dry conditions in Argentina, Brazil and the United States are affecting wheat, corn and soybean production.
Global crop conditions have declined since November, partly due to below-average rainfall in Argentina and Brazil.
Dry weather in major South American producers tightens global supply expectations and supports grain prices. Australian rainfall is generally favourable for its own crops.
agriculture.gov.auFeb 16, 2023After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), 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.
