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The U.S. Drought Monitor shows extreme to exceptional drought (D3-D4) across western Texas and most of New Mexico, with moderate to severe drought spreading through central Texas and southern Oklahoma. Forecasts point to further expansion and intensification of drought over the next three months, with the April-June outlook favoring above-normal temperatures.
Dry conditions across Southern Plains winter wheat and rangeland reduce hard red winter wheat yields and cattle forage, supporting HRW wheat and feeder cattle prices.
drought.govMar 26, 2021After 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 79 past bullish weather events, Feeder Cattle moved a median +0.1% over 5 sessions (53% higher; middle half -1.4% to +1.7%), and +1.4% 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.
