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Australian farmers are planting wheat into some of the driest soils in years after a severe drought cut 2017/18 output to a decade low. Growers must finish planting by end of May and are relying on rain across east and west coast regions.
Continued dryness threatens a second poor Australian crop, tightening exports from the world's fourth-largest wheat exporter and supporting wheat prices.
businesstimes.com.sgMay 1, 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.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
