Loading…
Grain Central reports that recent rain in eastern Australia has eased farmers' concerns, but forecasts show a dry summer ahead. The Bureau of Meteorology puts the chance of El Niño in 2018 at 70 percent, and a positive Indian Ocean Dipole is also developing.
A dry Australian summer would cut wheat, barley and sorghum output and reduce Australian grain exports, supporting world grain prices. The effect is likely to build over the coming months as the season develops.
graincentral.comNeil LyonOct 24, 2018After 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.
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.
