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A USDA attaché report says Australian winter crops faced low soil moisture, below-average rainfall and frost, but wheat output is still expected above average while barley is slightly below average. It also projects a sharp fall in rice output after a marketing body imposed a production disincentive, and an excellent start for the sorghum crop.
A weaker rice crop tightens Asian rice supply, while a strong sorghum start adds feed grain supply that can pressure sorghum prices.
fas.usda.govOct 23, 2024After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
After 88 past bullish report events, Rough Rice moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +2.1%), and +2.5% over 20.
Not enough comparable past events yet for a historical read.
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.
