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Severe heat and dry conditions in Queensland and northern New South Wales have shifted feedlot buying from sorghum back to interstate wheat. NSW wheat and barley crop estimates from ABARES are 1.98 Mt and 708,000t, and northern NSW growers are holding remaining grain.
Dry weather and reduced local supply support Australian feed wheat and sorghum prices as buyers shift toward interstate wheat.
graincentral.comGuest AuthorDec 6, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
