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ABARES estimated Australia's 2020-21 wheat crop at a record 33.34 million tonnes, and winter crop output at 55.2Mt. The article notes Chicago wheat futures were at their highest since 2014 as Russia curbed exports and cold weather threatened Northern Hemisphere crops.
Record Australian supply is a bearish factor, but the article also cites Russian export curbs and Northern Hemisphere cold as supportive forces, so the net price effect is mixed. Australian export volumes to China are rising.
arr.newsSpecial Correspondent, ARR.NewsFeb 16, 2021After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
