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Widespread early-2020 rainfall has given Australia a good start to the grain sowing season after two years of drought. Wheat production is forecast to be over 50% higher than the prior year, and eastern feedlot regions have built substantial on-farm storage.
Abundant pasture and a larger grain crop reduce domestic demand for purchased feed, which weighs on Australian feed grain prices and export pricing.
foodagribusiness.worldNatalie KinsleyApr 29, 2020After 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.
