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Global grain prices have accelerated in recent months as pasture and crop conditions deteriorated across key producing countries. ABARES forecasts Australia's 2017-18 winter crop to fall 33% to 40 million tonnes, and USDA cut US wheat output on a 25% winter wheat decline amid the worst drought in decades in Montana, North Dakota and South Dakota.
Lower Australian and US wheat supplies, combined with falling world wheat output, support higher feed grain and wheat values for buyers, with high-protein wheat strengthening.
mla.com.auJul 25, 2017After 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.
