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UkrAgroConsult republished Grain Central's report that ABARES raised its wheat estimate by 60,000t to 31.89Mt and its canola estimate by 115,000t to 5.587Mt. The barley estimate was cut by 495,000t to 11.665Mt, mainly from South Australia.
A larger Australian wheat crop adds export supply at a time of low world prices, which is bearish for wheat. The lower barley estimate is mildly supportive for feed barley.
ukragroconsult.comDec 6, 2024After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
