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World Grain reports that Europe's summer drought and heat are the main adverse weather story for Northern Hemisphere wheat, with western Russia also dry. Western Europe faces water shortages, North Africa and the US Pacific Northwest remain in multi-year drought, and Argentina is entering spring with dryness.
Australia and South Africa have a good start to spring.
Dryness across Europe, Russia and Argentina threatens wheat output and could support export prices, while good conditions in Australia and South Africa partly offset the risk.
world-grain.comDrew LernerSep 14, 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
