# Weekly update - 16 February 2023 - DAFF

> 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.

- Date: 2023-02-16 · published 2023-02-16T12:00:00.000Z
- Category: weather · region Global · magnitude low
- Page: https://feedsoft.ai/events/37306-weekly-update-16-february-2023-daff
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Dry weather in major South American producers tightens global supply expectations and supports grain prices. Australian rainfall is generally favourable for its own crops.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-07-27 | [Weekly update - 27 July 2023 - DAFF](https://feedsoft.ai/events/35011-weekly-update-27-july-2023-daff.md) | +0.0% | -2.0% |
| WHEAT | 2022-04-21 | [Weekly update - 21 April 2022 - DAFF](https://feedsoft.ai/events/41816-weekly-update-21-april-2022-daff.md) | +8.3% | +12.9% |
| WHEAT | 2022-10-20 | [Weekly update - 20 October 2022 - DAFF](https://feedsoft.ai/events/39067-weekly-update-20-october-2022-daff.md) | -0.2% | +2.0% |
| WHEAT | 2023-11-16 | [Weekly Australian Climate, Water and Agricultural Update, 16 November 2023 - DAFF](https://feedsoft.ai/events/33121-weekly-australian-climate-water-and-agricultural-update-16-november-2023-daff.md) | +3.7% | +0.5% |
| WHEAT | 2024-05-16 | [Weekly Australian Climate, Water and Agricultural Update, 16 May 2024 - DAFF](https://feedsoft.ai/events/30189-weekly-australian-climate-water-and-agricultural-update-16-may-2024-daff.md) | +19.1% | +8.2% |
| CORN | 2022-08-18 | [Weekly update - 18 August 2022 - DAFF](https://feedsoft.ai/events/40012-weekly-update-18-august-2022-daff.md) | +0.4% | +3.4% |
| CORN | 2022-04-21 | [Weekly update - 21 April 2022 - DAFF](https://feedsoft.ai/events/41816-weekly-update-21-april-2022-daff.md) | -1.5% | -3.5% |
| CORN | 2025-02-28 | [W8 2025: Maize Weekly Update](https://feedsoft.ai/events/26086-w8-2025-maize-weekly-update.md) | -2.4% | +0.5% |

## Sources

- agriculture.gov.au: https://www.agriculture.gov.au/abares/products/weekly_update/weekly-update-16223

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.