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Grower selling and offshore market moves pushed wheat and barley prices lower in the week, ending a May rally. ABARES put Australia's wheat crop at 29.1 Mt and barley at 11.5 Mt, above many expectations.
Sorghum and Downs wheat fell about $10 per tonne.
Larger-than-expected ABARES estimates add bearish pressure on Australian feed grain values, though fragile early-season conditions in parts of the country limit the downside.
beefcentral.comLiz WellsJul 1, 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.
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.
