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ABARES raised its Australian wheat forecast to 27.8Mt from 25Mt in March, and barley to 10.4Mt from 8.8Mt. The canola forecast of 4.2Mt is up from 3.5Mt, and the same report noted US census bean exports for April were down 29 million bushels year on year.
Upward revisions to Australian wheat, barley and canola add export supply that competes with US and Black Sea grain, which is bearish for those prices.
feedandgrain.comKevin McNewJun 9, 2021After 1,006 past bearish report events, WHEAT 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.
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.
