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ABARES expects Australia to harvest a record 58.4 Mt winter crop, driven by Western Australia and New South Wales. Flooding and rain in eastern states have raised concerns that damaged grain will be downgraded and sold at lower prices.
Farmers may miss out on historically high prices.
Large supply from Australia adds to global grain availability, while quality downgrades reduce the premium for feed-quality wheat and barley. Net price effect is bearish for feed grains.
abc.net.auKath Sullivan, Joanna PrendergastNov 29, 2021After 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.
