MarketsFarm — Total 2023-24 winter crop production in Australia, at an estimated 45.2 million tonnes, is expected to be 34 per cent off the record highs hit last year but slightly above the June forecast as upward revisions to canola and barley counter a downward revision to the wheat number, according to the latest crop […] Read more
Australian crop estimates adjusted slightly lower
Crop seen down 34 per cent from last year
How El Niño threatens emerging market economies
Significant changes to rainfall, or prolonged droughts, could also impact hydropower output, boost food, fuel prices
London | Reuters – Countries around the world are battling heatwaves and floods fueled by El Niño, a naturally occurring climate phenomenon that has a 90 per cent probability of persisting in the second half of 2023, according to the World Meteorological Organization. The worldwide impact can be enormous, but the stakes are higher for […] Read more
Pulse weekly outlook: Dryness to cut into Australian production
MarketsFarm — Dry conditions and low soil moisture reserves in key Australian growing regions, along with expectations for developing El Nino weather patterns, are expected to cut into the country’s pulse production in 2023-24, despite steady to higher seeding intentions for several crops, according to the latest crop report from the Australian Bureau of Agricultural […] Read more
A hot, dry Prairie June ahead
El Nino pattern could arrive
MarketsFarm — June is expected to see a continuation of the hot and dry weather most of the Canadian Prairies has experienced in May, according to Scott Kehler, chief scientist for Weatherlogics. “It looks like late spring/early summer is pretty hot across almost all of Western Canada. The Prairies are all above normal [temperature-wise],” Kehler […] Read more
CBOT weekly outlook: Traders, analysts anticipate WASDE report
El Nino also worth watching longer-term
MarketsFarm — While traders and analysts continue to keep an eye on weather conditions, their collective focus will momentarily shift on Friday when the U.S. Department of Agriculture (USDA) releases its monthly world agricultural supply/demand estimates (WASDE). This month’s report will be highly significant as it will announce the first U.S. crop production estimates for […] Read more
World could face record temperatures in 2023 as El Nino returns
New record highs 'more likely than not'
Brussels | Reuters — The world could breach a new average temperature record in 2023 or 2024, fuelled by climate change and the anticipated return of the El Nino weather phenomenon, climate scientists say. Climate models suggest that after three years of the La Nina weather pattern in the Pacific Ocean, which generally lowers global […] Read more
Argentina soybeans expected to go from horrible to great
El Nino expected to improve growing conditions
MarketsFarm — While Argentina is headed to one of its worst soybean harvests in decades, the U.S. Department of Agriculture (USDA) attaché in Buenos Aires projects a huge turnaround in 2023-24. Argentina is the world’s third-largest grower of soybeans — a fair amount less than Brazil and the U.S., but a lot more than other […] Read more
U.S. forecaster sees 62 per cent chance of El Nino developing during May-July
Argentina, parts of U.S. could benefit; Asian crops may not
Reuters — A U.S. weather forecaster on Thursday predicted a 62 per cent chance of the El Niño phenomenon developing in the Northern Hemisphere during May-July, and a strong chance toward end-year, likely compounding risks to crops across the globe. “The coastal warming in the eastern Pacific may foreshadow changes across the Pacific basin. Therefore, […] Read more
USDA’s Indonesia desk predicts increased palm oil production
An El Nino event could weigh on that outlook
MarketsFarm — Indonesia, the world’s largest producer of palm oil, is forecast to see a three per cent rise in production in 2023-24, according to the U.S. Department of Agriculture’s Foreign Agricultural Service post in Jakarta. The country’s USDA post anticipates 46 million tonnes of palm oil production, which would be up from 44.7 during […] Read more
U.S. grains: Wheat, corn get boost off weaker dollar after multi-month lows
Expectations grow for Black Sea deal extension
Chicago | Reuters — Chicago wheat futures closed higher on Friday, boosted by a weaker U.S. dollar, after hitting a 20-month low, while corn futures rose from a seven-month low. The markets recovered after a week that saw expectations for an extended Black Sea export deal and a lower U.S. government estimate for corn export […] Read more