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Heavy October rain, hail and wind in south-eastern Australia have affected cereal, canola and pulse yields, while frost has cut some growers' returns in southern NSW. The USDA cut its 2024-25 Australian wheat forecast to 28.5 million tonnes, down 3.5 million tonnes, and lowered its barley estimate to 11 million tonnes.
A smaller USDA wheat and barley estimate for Australia reduces exportable supply and supports global feed grain prices.
graincentral.comLiz WellsOct 25, 2024After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
