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The Agricultural Business Chamber of South Africa warns that a switch from La Niña to El Niño could bring drier, hotter conditions to the 2023/24 season. The country has had four consecutive La Niña seasons of above-normal rain that supported yields.
A drier 2023/24 season could cut South African maize and other field crop output, tightening white and yellow corn supply and supporting import demand. The risk remains a few months away.
agbiz.co.zaJan 26, 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.
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.
