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Flooding and excessive rains in key parts of Australia are lowering the quality of the wheat crop. Australia is the world's No. 2 wheat supplier, and dryness in North America and the Russia-Ukraine war are also curbing supplies.
Quality downgrades reduce usable Australian wheat supply, supporting wheat prices and the cost of wheat-based feed ingredients.
reuters.comNaveen ThukralNov 3, 2022After 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.
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.
