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  • Publication | 2022

AMIS Market Monitor - December 2022

Global Food and Nutrition Security

Highlights

With northern hemisphere grain and oilseed crops largely harvested, and the Black Sea Grain Initiative extended for another 120 days, market attention is shifting to growing conditions in the southern hemisphere.

The third consecutive year of La Niña has prolonged drought conditions in Argentina, resulting in sharply reduced wheat production prospects relative to last year. By contrast, La Niña has resulted in abnormally wet conditions in Australia, which expects above-average wheat yields; however, concerns remain over the quality of the crop, which could impact prices for milling wheat. Planting progress for South American maize and soybeans are on pace, but it is still too early to tell whether yields will return to more nor- mal levels after last year's drought-reduced production.