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Drought and record heat continue across eastern Australia's grain belt, forcing some southern slope farmers to buy barley to feed livestock. Spot barley is trading around A$320 a tonne ex farm in the central west.
USDA raised world wheat ending stocks by 2 million tonnes to 271 million.
Drought-driven on-farm feeding and destocking support Australian barley prices and can tighten feed grain supply. The larger USDA global wheat carryout offsets some of that support for wheat.
theland.com.auLloyd George, Ag ScientiaApr 26, 2018Not enough comparable past events yet for a historical read.
After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
