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Recent Australian grain prices have been driven largely by revisions in the USDA report, which lowered global corn and wheat markets and pushed Australian prices down. Sorghum planting extended into late January, and the main sorghum harvest is expected in early March after ABARES forecast a sharp fall in production.
Lower global corn and wheat values from USDA revisions weigh on feed grain export prices, while the late sorghum crop and ABARES cut support sorghum values.
theland.com.auGeorgia Campbell, Awb CargillFeb 6, 2024After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
