# Australia raises wheat crop estimate to new record | 2021-02-17  | World Grain

> ABARES estimated Australia's 2020-21 wheat crop at 33.337 million tonnes, up 120% from the drought-reduced 2019-20 crop and 5% above the previous record. The USDA's prior forecast for Australian wheat was 30 million tonnes, so the March WASDE is expected to raise it.

- Date: 2021-02-17 · published 2021-02-17T12:00:00.000Z
- Category: report · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/48596-australia-raises-wheat-crop-estimate-to-new-record-2021-02-17-world-grain
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

The gap between the ABARES figure and the USDA estimate suggests upward revision to world wheat supply, which is bearish for wheat prices. Australian exporters are positioned to fill demand from China and other buyers.

## Read by commodity

- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-01-27 | [Australia to harvest bumper wheat crop \| 2021-01-27  \| World Grain](https://feedsoft.ai/events/49105-australia-to-harvest-bumper-wheat-crop-2021-01-27-world-grain.md) | -10.0% | -0.5% |
| WHEAT | 2021-11-30 | [Australia set to harvest record grain crop \| World Grain](https://feedsoft.ai/events/44019-australia-set-to-harvest-record-grain-crop-world-grain.md) | -1.0% | -3.4% |
| WHEAT | 2021-06-08 | [Australia winter wheat crop estimate above average  \| World Grain](https://feedsoft.ai/events/46544-australia-winter-wheat-crop-estimate-above-average-world-grain.md) | +6.1% | -4.4% |
| WHEAT | 2021-02-16 | [Australia’s winter crop production estimated to increase 89% \| 2021-02-16  \| World Grain](https://feedsoft.ai/events/48598-australia-s-winter-crop-production-estimated-to-increase-89-2021-02-16-world.md) | +1.3% | +0.2% |
| WHEAT | 2022-03-01 | [Australia record grain crop revised even higher \| World Grain](https://feedsoft.ai/events/42224-australia-record-grain-crop-revised-even-higher-world-grain.md) | +10.5% | +22.7% |

## Sources

- world-grain.com: https://www.world-grain.com/articles/14886-australia-raises-wheat-crop-estimate-to-new-record

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.