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The NOAA Climate Prediction Center's Seasonal Drought Outlook says drought covers nearly 70% of the Western US and is expected to persist in California and the Southwest. A third consecutive La Nina winter is strongly favored, which points to another below-average wet season across the southern Western Region.
Persistent Western US drought weighs on regional hay and forage supplies, supporting feed costs for cattle and dairy buyers in the western states.
cpc.ncep.noaa.govDec 1, 2022After 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 80 past bullish weather events, Live Cattle moved a median +0.1% over 5 sessions (54% higher; middle half -0.8% to +1.3%), and +0.7% over 20.
After 32 past bullish weather events, Milk (Class III) moved a median +0.1% over 5 sessions (50% higher; middle half -0.7% to +3.4%), and +3.2% 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.
