The impact in Asia could reverberate across global food markets. Read more at straitstimes.com.
while American growers are counting on heavier summer rains from the weather phenomenon to alleviate the impact of severe drought.expected to develop in the coming months,The impact of the phenomenon typically causes hot, dry weather across Asia and Australia, while bringing heavier-than-normal rainfall to the southern US and southern South America.
“We are looking at longer term dryness in Australia from now until at least August,” said Mr Chris Hyde, a meteorologist at US-based Maxar. “The seasonal outlook in India is a weaker than normal monsoon for the entire country, extending into Pakistan.” Wheat prices dropped to two-and-half year lows this week, while corn and soybeans have eased from multi-year peaks set in 2022, when the Russia-Ukraine war and Covid-19 disrupted world supplies.
“Concerns around dry weather have heightened as compared with the situation a month ago. The outlook suggests El Nino is developing,” said Mr Phin Ziebell, an agribusiness economist at National Australia Bank, noting that Western Australia, New South Wales and Queensland have had little rain. In the United States and Argentina, where drought has reduced wheat and soybean crops this year, ample rains forecast in the second half would benefit crops, although overall output will depend on the timing of El Nino.
Meteorologists are divided on how fast the transition to El Nino from the current La Nina, a pattern when Pacific Ocean waters turn colder than normal, will impact US weather, but the shift should be complete during the key development stage for corn and soybeans.
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