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Independent analysts Australian Crop Forecasters, Lachstock Consulting and IKON Commodities all have wheat estimates above ABARES' 32.6 Mt September figure ahead of its December revision. Harvest was about 30% complete, with rain delaying progress in several states.
Analysts expect lower protein content than average.
Estimates above the official figure point to a larger Australian wheat supply, which is mildly bearish. Lower protein could support prices for high-protein wheat.
graincentral.comLiz WellsNov 26, 2021After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
