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ABARES raised its estimate of Australia's 2020-21 wheat crop to a record 33.3 million tonnes, 5% above the previous record of 31.8Mt set in 2016-17. The lift came mainly from higher-than-expected yields in Western Australia and New South Wales.
Barley and canola forecasts were also raised.
A record Australian wheat crop adds exportable supply to the global market at a time of tight world wheat prices, which weighs on the bullish case for wheat and feed-grain substitutes. The USDA's upcoming March report is expected to incorporate the higher figure.
graincentral.comGrain CentralFeb 15, 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.
