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New-crop wheat and barley values fell by as much as $30 per tonne in eastern Australia, driven by trade selling ahead of a rain front. Victoria received up to 25mm of rain, and parts of New South Wales and Queensland were forecast to get 10-30mm.
Sorghum, wheat and barley all sold off sharply.
Rain improves the outlook for dry-sown and new crops, which reduces the supply risk premium that had built into prices and pushes Australian feedgrain values lower.
graincentral.comLiz WellsMay 2, 2019After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
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.
