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CSIRO explains El Niño and its potential impacts on Australian weather, noting the Bureau of Meteorology raised its outlook to El Niño WATCH with the chance of formation rising from about 25% to 50%. A Nature paper from CSIRO scientists on El Niño complexity was also published.
Rising odds of El Niño raise drought risk for Australian winter crops such as wheat and barley, which can tighten export supplies and support prices.
csiro.auCSIROJul 26, 2018After 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.
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.
