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For the week ending 17 August 2022, low-pressure systems brought moderate to heavy rain to southern Australia, while northern areas stayed dry. Soil moisture is well above average in parts of New South Wales, Queensland and Western Australia, raising waterlogging risk.
The report also cites below-average July rainfall globally, which is likely to cut wheat output in Argentina, the EU and Canada and to weigh on corn yields in several major producers.
Global grain and oilseed output looks likely to fall below June forecasts, which supports wheat and corn prices. Good Australian rain is a bearish offset for Australian wheat yields.
agriculture.gov.auAug 18, 2022After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
