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The USDA Foreign Agricultural Service forecasts Australia's 2024-25 wheat crop at 29 million tonnes, up 8.6% year on year from 26 million in 2023-24. The increase reflects higher plantings, including canola crops resown to wheat in Western Australia.
A larger Australian crop adds to export supply in a market already well supplied, which pressures world wheat prices.
farmonline.com.auGregor HeardAug 22, 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.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% 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.
