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StoneX raised its forecast for Australia's 2024/25 wheat production from 25 to 30 million tonnes after rains improved conditions. USDA had estimated 26 million tonnes in July.
Soil moisture remains low in parts of Victoria, South Australia and Western Australia.
A bigger Australian crop increases export availability and adds bearish pressure on wheat prices, with dry patches a residual risk.
ukragroconsult.comAug 2, 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.
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.
