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China postponed its decision on removing the prohibitive tariff on Australian barley by one month, to August 11, after requesting more input from interested parties. South Australian new-crop barley held steady at A$300/t.
Russia's exit from the Black Sea grain corridor and attacks on Ukrainian grain warehouses and Danube ports also support prices, while US corn futures had fallen sharply from June highs before rebounding.
Delay in Chinese tariff relief keeps Australian barley export demand uncertain, while Black Sea disruption and weather support global feed grain prices.
stockjournal.com.auEd Scamps, Cloudbreak Grain MarketingJul 28, 2023Not enough comparable past events yet for a historical read.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
