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ABARES forecasts that dry, warm conditions in Queensland and northern NSW cut the 2018-19 summer crop area by 23 per cent to about 1.0 million hectares. Production is seen falling 33 per cent to about 2.7 million tonnes, with grain sorghum down 9 per cent and rice down 83 per cent.
Sharply lower sorghum and rice output tightens east-coast feed grain supply, supporting sorghum prices and encouraging buyers to shift to substitutes like corn and barley.
beefcentral.comGuest AuthorFeb 18, 2019
graincentral.comGrain CentralFeb 18, 2019Not 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.
