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The Drought.gov Southern Plains update for March 17, 2022 reports exceptional D4 drought developing across parts of Texas, Oklahoma and southwest Kansas, with severe and extreme drought spreading in central Texas and Oklahoma. Drought is likely to persist through June.
Dry conditions across the US Southern Plains hard red winter wheat belt threaten yields and could tighten HRW supplies, supporting KWHEAT prices and feed grain sentiment.
drought.govMar 17, 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.
Not enough comparable past events yet for a historical read.
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.
