Cool weather and intermittent showers are slowing the harvest in the Australian grain belt, with growers moving slowly. Local barley prices are weak, with little premium on malt barley, while reported yields remain above average.
Heavy local selling during the harvest, combined with weaker overseas wheat markets after an 11-week CBOT losing streak, points to continued downward pressure on barley and wheat prices for feed buyers.
After 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.
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.