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Trade selling and long-position liquidation pushed Australian feedgrain values lower this week, with Chicago and MATIF contracts at recent lows. Wheat demand has eased as China and Saudi Arabia show little interest in Australian barley, and the wheat-to-sorghum spread narrowed from $100/t to under $60/t.
The southern Queensland sorghum harvest is about 70 per cent complete.
Softer export interest and heavy trader selling are pressuring Australian feedgrain prices, though limited grower selling should cap further declines. A narrower wheat-sorghum spread makes wheat more competitive in feed rations.
beefcentral.comGuest AuthorMar 4, 2019Not enough comparable past events yet for a historical read.
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.
