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IKON Commodities forecasts Australian grain production above 50 million tonnes for 2021-22, the second straight year over that level, on well-above-average rainfall in NSW and Western Australia. It puts wheat at 33 million tonnes and canola at a record 5.23 million tonnes, and GrainCorp and CBH are adding storage for the larger harvest.
Strong Australian output expands export availability of wheat, barley and canola during the northern hemisphere shortfall, which pressures prices. Extra storage build-out signals expectations of abundant supply.
world-grain.comArvin DonleyAug 10, 2021After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
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.
