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Western Australia's wheat crop is in a precarious position after months of warm, dry weather, according to USDA's Canberra bureau. The state typically produces over a third of Australian wheat and is poised for a harvest well below the record 2021 crop.
Follow-up rains are needed to support grain fill.
A smaller Western Australian crop tightens Australian wheat export supplies, which is mildly supportive for global wheat prices if rains fail to arrive.
grainpricenews.comMike VerdinJul 28, 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.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
