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Australian Premium White wheat's premium over Australian Standard White widened to a record, with ASW assessed $30/mt below APW on Nov. 18.
Heavy rain during harvest slowed harvesting and diluted protein levels, and Indian feed wheat is competing for lower-grade supplies.
Weather-damaged lower-protein Australian wheat trades at a discount, giving feed buyers cheaper wheat options and widening the grade spread, while higher-protein wheat stays tight.
spglobal.comTakmila ShahidNov 18, 2021After 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.
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.
