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Australian growers have sown a record 23.2 million hectares of winter crops, and ABARES forecasts production near 47Mt, about 15% below the record 2020-21 harvest. Mouse plague risk in New South Wales could cut yields there.
A record area and above-average production keep export supply ample, which is bearish for wheat and barley, though mouse damage in NSW is a upside risk to that outlook.
abc.net.auJoanna Woodburn, Kath Sullivan, Cara JefferyJun 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.
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.
