South African commercial farmers plan to plant 12.37% less maize this season, down to 2.387 million hectares, the lowest in eight years, and white maize area is down more than 18%. The drop reflects drought fears, high fertiliser and fuel costs and low prices, even though carryover stocks are a record 4.3 million tonnes.
Lower plantings raise the risk of a smaller harvest and tighter supply next year, which could lift white maize prices and food inflation in southern Africa.
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.