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Skymet Weather Services forecasts Indian monsoon rainfall at 93% of the long-period average for June to September, which is below normal. The report links a developing El Niño, with an 80% chance in March-May dropping to 60% for June-August, to a sluggish June onset and deficit rain in July.
A below-normal Indian monsoon threatens kharif crops and raises Indian demand for imports of edible oils and feed, supporting palm oil and soybean prices.
krishijagran.comTooba MaherJun 8, 2019After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 179 past bullish weather events, Rough Rice moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
