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Gro Intelligence forecasts Australian wheat production in 2020/21 to rise about 90% as La Niña brings extra rain to Australia. The same La Niña is creating drought in Brazil, Argentina and the US.
A large Australian crop rebound adds to export supply and could weigh on wheat prices, while drought in South America and the US supports corn and soybeans.
gro-intelligence.comOct 7, 2020After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
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.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), 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.
