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World Grain reports that ABARES forecasts a record 58.4 Mt Australian winter crop for 2021-22, with record wheat at 34.4 Mt and barley at 13.3 Mt. Canola is expected at a record 5.7 Mt.
Heavy rain has delayed harvest in New South Wales and Queensland.
A record Australian crop expands export availability of wheat and barley, which is generally bearish for world feed grain prices. Rain-related quality losses limit how much of the crop can be sold at top grades.
world-grain.comArvin DonleyNov 30, 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.
