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Australian farmers started the 2019 wheat planting season on Anzac Day in bone-dry soil after a third consecutive year of drought in key growing regions. Rainfall over the last three months has been less than half of normal across nearly the whole country, leaving soil moisture historically low in NSW, Victoria, South Australia and Western Australia.
Weak Australian production prospects support wheat prices, though strong northern hemisphere crop conditions are expected to keep a lid on international prices.
sbs.com.auApr 26, 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.
After 29 past neutral weather events, Wheat (HRW) moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), 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.
