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Rainfall of 50 to 100 millimetres fell in eastern Australia in the week ending 15 May, benefiting winter crop germination. South Australia, much of Western Australia and western Victoria remain deficient in rain, posing a downside risk to 2024-25 winter crop production.
Persistent dryness in key western and southern grain areas raises the risk of a smaller Australian wheat and canola crop, supporting global prices if it persists.
agriculture.gov.auMay 16, 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.
