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Rain in Australia has held up crops despite El Niño, with consultant Episode 3 saying the barley crop could be 2 million tons larger than without the rain. Commonwealth Bank forecasts wheat at 31.4 million tons, barley at 12.7 million and canola at 5.8 million.
Larger-than-expected Australian barley and wheat crops add exportable supply and pressure prices in competing feed grain markets.
reuters.comPeter HobsonJan 23, 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.
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.
