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Australia's Bureau of Meteorology has declared the La Niña over and forecasts below-average rainfall for eastern Australia from May to July. Cyclones Seroja and Odette brought heavy rain to Western Australia, but also damaged farm infrastructure and may delay the 2021 cropping season.
A drier east coast during the May-July period threatens Australian wheat and barley plantings and output. That tightens export supply and supports wheat and barley prices.
mla.com.auApr 15, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
