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Heavy rainfall in mid-October brought flooding to southeastern Australia's river catchments, with weekly totals above 50 mm in parts of NSW, Queensland, Victoria and South Australia. The flooding is expected to cause crop losses for some growers and interrupted winter crop harvesting in central Queensland.
Below-average September rainfall in Argentina, the US and parts of Russia is also flagged as a risk to wheat output.
Australian crop losses and harvest delays tighten near-term wheat, barley and canola supply, while dryness in Argentina, the US and Russia adds upside pressure on world wheat and corn prices.
agriculture.gov.auOct 20, 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.
Not enough comparable past events yet for a historical read.
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.
