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Queensland sorghum delivered into Brisbane fell $10 to $232 a tonne, the lowest in seven weeks. Kansas City hard red winter wheat futures fell about 8% in a week on reports of record yields in Kansas.
Brexit-driven dollar strength also weighed on global prices.
Record US hard red winter yields and large US wheat carry-in stocks add supply to the world market, lowering export prices that Australian feed grains track. A firmer US dollar further reduces the value of grain priced in dollars.
queenslandcountrylife.com.auLloyd George, Ag ScientiaJun 27, 2016After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
After 15 past bullish weather events, US Dollar (Broad) moved a median +0.1% over 5 sessions (53% higher; middle half -0.3% to +0.2%), and -0.6% 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.
