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Tidbits, Dry Weather, Basis, Markets & Rain Days Update 6/20/23

Highlights


It will be very hot this week in the crop areas of China with temperatures in Shandong and Hebei provinces expected to be over 104°F (40°C).

Direct from the US National Oceanic & Atmospheric Administration (NOAA) website:

"The sea surface temperature (SST) began rising in March 2023 and has exceeded the maximum values for the last 42 years here in June. The likelihood that 2023 will be:

The hottest since 1850: 28%

Top 10 hot years since 1850: 99%

The reason is the transition to the warm phase of SST (El Niño). The duration of the warm phase is an average of 5 years. The peak of temperature increase is in November-January. An increase in temperatures and a decrease in precipitation will lead to:

  • Above average energy consumption

  • Reduced generation of hydroelectric power plants

  • Reduced production in the agro-industrial complex

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