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The biggest weather development I see for commodities are the following. Nevertheless, almost all markets are being affected by the Russian-Ukraine war: Click on my video above to hear about global weather and the history of selling into panic of Black Swan events
1-The worst soybean crop in more than 30 years in parts of central and southern Brazil that has lowered production by at least 15 MMT the last few months. However, good rains are in the forecast but a bit late for more crops.
2-The southern Plains drought is expanding for wheat. Wheat prices have soared close to $2 on inflationary fears and ideas the Ukraine will not be able to plant wheat. 25% of global wheat comes from Ukraine.
3-A potential cold late winter for natural gas areas with a mid March polar vortex. However, it is really the psychology of higher crude prices breaking 10 years highs that have helped natural gas prices rally back.
