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Australia's Department of Agriculture weekly update reports high-pressure systems kept most of the country dry in the week to 17 May, with rain falling only in parts of Queensland and northern NSW. It notes below-average rainfall in the US, Canada, southern Europe, Argentina and parts of Brazil, while global 2023-24 grain output is now seen above March forecasts.
Improved global production prospects outside Australia add supply comfort for feed grains, while dry conditions in key exporters partly offset that.
agriculture.gov.auMay 18, 2023After 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.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
