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Reuters reports that drought, excess rain, the war in Ukraine and high energy costs are expected to curb global farm output again in 2023. Rice and wheat stocks are unlikely to rebuild in the first half of 2023, and weather hit crops for edible oils in Latin America and Southeast Asia.
Tight grain and oilseed supplies point to elevated prices for feed grains and oilseed products into 2023. Weather-driven shortfalls in vegetable oil crops add support to protein and oil feed prices.
bworldonline.comCEDTyCleaDec 18, 2022After 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.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 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.
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.
