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ABARES' June report puts Australian winter wheat production in 2021-22 above average, with a record planted area of 23.2 million hectares. Production is forecast at 46.8Mt, below last year's near-record crop but 13% above the 10-year average.
A well-above-average Australian wheat crop increases export availability, which is mildly bearish for wheat prices.
world-grain.comHolly Demaree-SaddlerJun 8, 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.
