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An Australian outlet says La Niña has brought wetter, colder weather that helped growers reach a near-record winter crop. It notes the pattern usually brings drought to the Americas, which can cut crop yields.
A strong Australian winter crop adds export supply that can pressure wheat and barley prices, while typical US and South American drought risk supports grain prices.
afdj.com.auOct 12, 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.
Not enough comparable past events yet for a historical read.
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.
