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Australia's weekly agricultural update for the week ending 20 April 2022 reports rain in southern Australia and tropical rainfall in the north, with dry conditions allowing summer crop harvesting in Queensland. It also notes below-average March rainfall has cut expectations for US, European, and Canadian winter wheat and hurt Argentine and Brazilian corn and soybeans.
Lower global production expectations for wheat, corn and soybeans tighten world supplies and support feed-grain and oilseed meal prices.
agriculture.gov.auApr 21, 2022After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), 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.
