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South Africa has harvested a record maize crop, which has kept consumer prices low. Forecasters warn that El Niño could reduce yields in the next season.
A large domestic surplus weighs on maize prices now, but a drought-driven shortfall next season would tighten supply and could reverse that pressure on feed grain costs.
After 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.
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.