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Grain Brokers Australia reports that the Bureau of Meteorology expects above-average late winter and spring rainfall for most of Australia. A negative Indian Ocean Dipole is expected to develop in August or September, with ENSO remaining neutral.
Above-average rainfall favors a large Australian winter wheat and barley harvest, adding export supply and weighing on world wheat and feed barley prices.
graincentral.comGuest AuthorJul 13, 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.
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.
