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Domestic grain prices in Southern Queensland posted their biggest gains in months as buyers grew nervous about the lack of planting rains. Stockfeed wheat rose $18 to $280 a tonne on the Darling Downs, barley rose $6 to $246, and sorghum rose $13 to $230.
The Australian dollar fell below 73 US cents, adding support.
Dry conditions at planting and a weaker Australian dollar raise the local cost of feed grains and encourage forward buying. Export buying of sorghum is also emerging.
queenslandcountrylife.com.auLloyd George, Ag ScientiaMay 16, 2016After 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.
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.
