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ABARES raised its September forecasts for Australia's winter crop to 31.8 million tonnes of wheat, 12.2 Mt of barley and 5.5 Mt of canola. The wheat and barley upgrades reflect better conditions in Queensland, New South Wales and Western Australia, offset by dry conditions in Victoria and South Australia.
A larger Australian harvest adds to global wheat and barley supply at a time of low prices, which is bearish for feed grain values and export competition.
ukragroconsult.comSep 4, 2024
graincentral.comGrain CentralSep 2, 2024Not enough comparable past events yet for a historical read.
After 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.
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.
