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Australia's DAFF weekly update reports moderate rain in southern Australia and dry conditions elsewhere during the week ending 20 July 2022. It notes below-average June rainfall likely lowered wheat output potential in the US, EU and Canada, and that global grain and oilseed production is likely below June forecasts.
Lower-than-expected global grain and oilseed output from multiple exporters tightens supplies and supports prices for feed grains and oilseed meals.
agriculture.gov.auJul 21, 2022After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% 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.
