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ABARES lifted its Australian wheat production forecast for 2021-22 by more than 17% to 32.63 million tonnes, following favourable weather in June and July. The estimate is close to last season's record of 33.34 million tonnes.
A near-record Australian wheat crop adds export supply and tends to pressure wheat prices, including feed-quality wheat used in livestock rations.
brecorder.comReutersSep 7, 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.
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.
