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Eastern Australian feedgrain prices firmed as export demand from the Philippines rose and dry conditions persisted in southern Queensland and northern NSW. Wheat in Brisbane was quoted steady at $380-385/t, with barley about $5/t higher.
Growers are reluctant to sell while crops struggle for lack of rain.
Strong Philippine demand plus drought-limited supply supports feedgrain prices in eastern Australia and tightens nearby supplies for feedlots, which have already booked coverage.
graincentral.comLiz WellsAug 1, 2019After 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.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
