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Persistent heavy rain over key Australian wheat regions has raised concerns about crop quality, since moisture and dilution can lower protein content. Harvest was due to start in the week of 31 October, and the market is watching whether Australia can cover milling wheat demand if the Black Sea grain corridor expires.
Quality downgrades reduce the amount of milling-grade wheat Australia can supply to key importers. That supports wheat prices, especially if Black Sea supply is also at risk.
ukragroconsult.comNov 1, 2022After 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.
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.
