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New South Wales farm grain prices remain firm with wheat and barley sold at $350 ex-farm. US wheat futures rallied 9% in a fortnight to a 10-month high on weather concerns across several countries, and Russia cut its 2018 grain harvest forecast by 5 million tonnes to 110 million.
Weather threats in Russia, Australia, Canada and the US, plus a Russian crop downgrade, point to tighter global wheat supply and higher prices.
theland.com.auLloyd GeorgeMay 29, 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.
