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S&P Global Platts reports that severe dryness and frost have badly damaged Argentina's wheat crop, which may be one of the worst in recent years, and rain forecasts offer only limited relief. US crop condition ratings show 55% of soybeans and 52% of corn in good to excellent condition, both below last year.
Platts also reports FOB PNW corn rising 5.5% month on month.
A poor Argentine wheat crop reduces supply to buyers in Africa and Asia at a time of tight global wheat, supporting prices. Weaker US crop ratings also add to corn and soybean upside risk.
ukragroconsult.comSep 27, 2022After 1,072 past bullish weather events, WHEAT 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.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), 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.
