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Grain Producers Australia responded cautiously to the ABARES June crop forecasts, which show winter crop output rising 9% to 51.3Mt. The group said rainfall has been below average in western Victoria, South Australia and Western Australia, where soil moisture remains low.
The reaction highlights that the bigger crop forecast depends on rainfall in the west, so the supply outlook could still shift and affect feed grain prices.
grainproducers.com.auJun 4, 2024After 406 past neutral report events, WHEAT 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.
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.
