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Drought has damaged Argentina's wheat and barley crop on the Pampas, with yields expected to fall sharply. Most remaining crop has already been sold forward by farmers, limiting the benefit of the new government's planned export tax increase.
Lower Argentine wheat and barley supplies reduce export availability into the new-year period, supporting world wheat and barley prices and shifting demand toward other origins.
bloomberg.comJonathan GilbertDec 9, 2019After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
