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The World Bank's food security update reports that the aggregate agriculture price index fell 1% and the cereal price index fell 6% since the previous update. It also warns that El Niño is expected to stay very strong into early 2027, raising risks of drought, heat and flooding.
Lower cereal price indices show easing grain markets, but a strong El Niño could tighten supplies later and reverse the price trend.
worldbank.orgJun 9, 2023After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
