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Queensland wheat crop prospects have improved after above-average June and July rain, with southern Queensland growers reporting yield potential as good as they have seen. ABARES forecast Queensland wheat at 1.45 million tonnes, and some growers think output could approach 2 million tonnes.
A larger Queensland crop adds to Australian wheat supply for export, a modest bearish factor for wheat prices. The effect is small relative to national output.
queenslandcountrylife.com.auLloyd George, Ag ScientiaAug 14, 2021After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
