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The Rosario grains exchange cut its Argentine wheat forecast to 16.5 million tonnes, down 6.5 million from last year and the lowest since 2015. It says the third La Niña is likely to be moderate rather than mild, with a dry September and deepening water deficits in key Pampas provinces.
The exchange also reduced its corn estimate.
A smaller Argentine wheat and corn harvest reduces export availability from a major supplier, which supports world grain prices and feed costs.
grainpricenews.comMike VerdinSep 22, 2022After 1,072 past bullish weather events, Wheat (SRW) 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.
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.
