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ABARES expects Queensland and northern NSW summer crop production to fall about 66% to 878,000 tonnes, after dry conditions in December depleted soil moisture. Grain sorghum area is down 71% and cotton area is forecast to fall 82% because of low irrigation water supplies.
Rain arrived too late in the season to allow more planting.
A sharp drop in sorghum supply removes a feed grain from the market and supports sorghum prices. Lower cotton output reduces the cottonseed meal supply.
graincentral.comGrain CentralFeb 17, 2020Not enough comparable past events yet for a historical read.
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.
