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Farm Online reports that the Bureau of Meteorology's May rainfall was below average across large parts of Australia after a promising start to the year. Forecasters now see mixed signals, though most models still favour a wetter winter and early spring.
Dry conditions in June could limit early crop development and add to downside risk for Australian wheat and barley yields. Model forecasts for a wetter winter partly offset that risk, so price impact is modest.
farmonline.com.auGregor HeardJun 24, 2020After 224 past neutral weather events, WHEAT 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.
