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The Land reports that Australian growers in most states welcome the Bureau of Meteorology's forecast of slightly above-average June-August rainfall on the East Coast. Western Australia and Queensland remain on weather watch, where grain cuts are possible if June rain disappoints.
Favorable rainfall prospects for Australia's main cropping belts support expectations of a good harvest, which weighs on barley and wheat export prices and supports supply for feed buyers.
theland.com.auMatt Wallis, AwbMay 31, 2020Not enough comparable past events yet for a historical read.
After 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.
