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DTN reports that Southern Plains crop areas remain in hot, dry conditions, with Texas recording its warmest July on record. Drought covers about 92 per cent of Kansas, Oklahoma and Texas, and the region needs 9 to 15 inches of rain to end it.
Continued La Niña is expected to keep Pacific temperatures cool through 2022.
Poor soil moisture at wheat planting in the Plains threatens the hard red winter crop and may reduce supply. This supports HRW wheat prices.
dtnpf.comBryce AndersonAug 11, 2022After 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 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.
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.
