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ABARES data shows drought cut Australia's 2018 winter crop by 20 per cent to 30.4 million tonnes, with eastern states down sharply while Western Australia rose 21 per cent to 17.1 million tonnes. Summer crops such as cotton and rice are also being hit by drought in the east.
Lower eastern output tightens domestic feed and milling supplies and supports Australian grain prices, while the strong WA crop limits the overall deficit and can be shipped east.
abc.net.auAngus VerleyFeb 18, 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.
Not enough comparable past events yet for a historical read.
After 179 past bullish weather events, Rough Rice moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
