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Rain across most NSW cropping areas in late June has raised expectations of back-to-back bumper winter harvests in Australia. ABARES forecasts the 2021 wheat crop at 27.8 million tonnes, while some analysts tip more than 30 million.
Nearby grain prices are steady but October forward prices have softened.
Expectations of a large Australian harvest add export supply for feed grains and softer forward values, pressuring wheat and barley prices into spring.
theland.com.auLloyd George, AgscientiaJul 1, 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.
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.
