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The USDA Foreign Agricultural Service projects Australia's 2021-22 wheat production at 29.5 million tonnes, about 22% above the previous 10-year average, with exports slipping to 21.5 million tonnes. Barley production is estimated to fall 2.6 million tonnes to 10.5 million, as planted area shrinks following China's 80.5% duty on Australian barley.
A larger Australian wheat crop with higher ending stocks is bearish for wheat, while lower barley output tightens feed barley supply and is supportive for barley prices.
world-grain.comHolly Demaree-SaddlerJul 27, 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.
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.
