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A USDA GAIN attaché report says Indonesia is shifting from El Niño-driven dryness to wetter conditions linked to a mild La Niña. Dryland corn and rice planting has expanded at the expense of soybeans.
Wheat imports are forecast to fall to 8.6 million tonnes in 2016/17 after Indonesia limited feed-grade wheat imports.
Higher Indonesian corn and rice output and lower wheat imports reduce import demand for feed grains, which is mildly bearish for global corn and wheat prices.
fas.usda.govDec 16, 2016After 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.
After 27 past bearish weather events, Rough Rice moved a median -1.6% over 5 sessions (37% higher; middle half -3.4% to +1.1%), and -1.3% 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.
