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Warm, dry weather is forecast for eastern Australia with temperatures above 30 C and no rain expected, and record winter heat in central Australia. Crop conditions are reported as excellent, though early warmth could trim yields.
ASX wheat futures fell $15 to $310 a tonne, their lowest in almost five years.
Possible yield trimming from early warmth is a modest upside risk, but the falling futures show that global price pressure is dominating and keeping Australian grain values low.
theland.com.auLloyd GeorgeAug 28, 2024After 334 past bearish weather events, WHEAT 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.
