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Rain of up to 200 mm fell across eastern Australia in the week ending 14 August 2024, with 10-150 mm in Queensland cropping areas and 5-50 mm in New South Wales. Forecasts show more rain for southern Australia and a dry high-pressure system over the north.
Rain supports winter crop yields and soil moisture for summer crops, which tends to add to Australian wheat supply expectations and weigh mildly on prices.
agriculture.gov.auAug 15, 2024After 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.
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.
