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IKON Commodities forecasts Australia's 2021-22 wheat crop at 29.5 million tonnes, down from 34.8 million last year but above long-term averages, and raised its estimate by 1 million tonnes. It sees canola at 4.7 million tonnes, one of the largest crops on record, and barley at 10.5 million tonnes.
The USDA's 27 million tonne wheat estimate is also described as high for a typically conservative forecaster.
A large Australian wheat and barley crop adds export supply in the new marketing year, which tends to weigh on world feed grain prices. Early forecasts can still change with the season.
farmonline.com.auGregor HeardMay 28, 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.
