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World Grain reports that two broad dryness areas, western North America and western Asia, persist into the Northern Hemisphere growing season. Drought in eastern Ukraine, southern Russia and the Lower Volga basin has lasted much of the past decade with little recovery so far this winter.
Persistent dryness in Russia's southern wheat belt and the western US raises the risk of lower crops, supporting wheat prices and feed grain costs.
world-grain.comDrew LernerFeb 1, 2021After 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.
After 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.
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.
