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ABARES forecasts Australian wheat production at 32.63 million tonnes, close to last year's record of 33.34 million tonnes. Domestic usage has risen, supported by more than one million cattle on feed, and about 69.5% of the crop is typically exported.
Strong feed demand from domestic livestock supports local wheat use and limits the amount available for export, which can firm Australian wheat prices.
mecardo.com.auAngus BrownOct 11, 2021After 406 past neutral report events, Wheat (SRW) 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.
