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Dry weather in western and southern Australia is threatening crops, with canola planting taking a hit as some farmers switch to wheat and barley. Analysts forecast canola area down 6% to 3.1 million hectares and output down 5% to 5.4 million tonnes.
Wheat production is expected to rise 11% to 29.3 million tonnes on good rain in eastern states.
A smaller Australian canola crop tightens global oilseed meal supply, while a larger wheat crop adds export supply that could cap global wheat rallies.
esmmagazine.comReutersMay 22, 2024Not enough comparable past events yet for a historical read.
After 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.
