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Traders and end-users are holding off on extending near-term coverage of sorghum while waiting for the wheat premium over sorghum to narrow. Rain of 30-150 mm in Queensland and northern NSW has improved summer crop prospects but damaged wheat quality through screenings and weather damage.
Narrabri sorghum values softened to about $260/t for new crop.
Improved summer crop prospects weigh on sorghum and feed grain prices, while wheat quality losses could limit feed wheat's premium and shift buying toward sorghum.
graincentral.comLiz WellsOct 20, 2017Not enough comparable past events yet for a historical read.
After 70 past bearish weather events, KWHEAT moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
