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Widespread east coast drought has cut Australia's wheat output to 17.3 million tonnes, an 11-year low, with South Australia's crop the smallest in 111 years. Western Australia's bumper harvest partly offset the losses, and sorghum output was cut to 1.3 million tonnes.
A sharply smaller Australian wheat and sorghum crop reduces exportable supplies and supports prices, with eastern buyers relying on imports from the west.
stockjournal.com.auFeb 19, 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.
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.
