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ABARES' February 2021 crop report put Australia's 2020-21 winter crop at 55.2 million tonnes, the second largest on record and up 89% year on year. Summer crop production is forecast at 3.3Mt, about 13% below the 10-year average because planted area is limited.
A large winter crop increases Australian export availability for wheat, barley and canola, adding bearish pressure on grain prices. The below-average summer crop is a smaller offset for sorghum and corn supply.
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.
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.
