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Dry conditions on Australia's east coast are sustaining demand for Western Australian grain, with 200,000 to 300,000 tonnes a month shipped east for feed. Depleted east coast stocks and a poor sorghum harvest are driving the demand, and Australian wheat output is forecast to rebound to 20 million tonnes in 2019-20.
Strong east coast feed demand supports prices for wheat and barley in eastern Australia, while the forecast production rebound limits longer-term upside.
countryman.com.auCally DupeJul 3, 2019After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
Not 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.
