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ABARES' updated outlook shows the 2020-21 Australian winter crop at 55.23Mt, with wheat at 33.34Mt and barley at 13.09Mt, and NSW producing a state record. The 2021-22 harvest is forecast at 46.8Mt, about 13% above the 10-year average, on a record 23.19 million hectares.
Large Australian wheat and barley supplies keep export availability high, which is mildly bearish for these grains.
theland.com.auMatt Wallis, AwbJun 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.
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.
