◂ Event Timeline

Jun 3, 2024REPORTAustralia

ABARES forecasts wheat at 29.1Mt, barley 11.5Mt, canola 5.4Mt

ABARES' June Australian Crop Report forecasts 2024-25 wheat production at 29.1 million tonnes, barley at 11.5Mt and canola at 5.4Mt. Winter crop area is forecast to stay historically high at 23.6 million hectares, with wheat area up 3% and canola area down 9%.

WHY IT MATTERS

A larger Australian wheat and barley crop adds exportable supply and pressures export prices, while smaller canola output tightens supply for canola meal used in feed.

AFFECTSWheat (SRW)▼Barley▼Canola Meal▲

SOURCE
graincentral.comGrain CentralJun 3, 2024

Price reaction & history

Wheat (SRW)▼bearishSO FAR1d -4.4%5d -5.6%20d -12.3%

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.

Sep 6, 2021ABARES forecasts 32.6Mt wheat, 12.5Mt barley, 5Mt canola - Grain Central+0.4%
Jun 7, 2021ABARES forecasts 27.8Mt wheat, 10.4Mt barley, 4.2Mt canola - Grain Central+1.2%
Dec 1, 2025ABARES lifts forecasts for canola, wheat, barley - Grain Central+1.9%
Mar 3, 2025ABARES lifts forecasts for wheat, barley, canola - Grain Central-3.4%
Jun 10, 2020ABARES forecasts 26.7Mt wheat, 10.6Mt barley, 3.2Mt canola - Grain Central-1.1%

Barley▼bearish

Not enough comparable past events yet for a historical read.

Canola Meal▲bullish

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.

Wheat (SRW) WHEAT · GP ▸

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Barley BARLEY · GP ▸

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