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ABARES' February 2021 crop report put Australia's winter crop at 55.2 million tonnes, up 89% and the second largest on record, with 22.66 million hectares planted. Summer crop output is forecast at 3.3 million tonnes, below average.
A larger winter crop from a wider planted area increases Australian grain availability for export, which is bearish for wheat and barley prices. The lighter summer crop has limited price impact on sorghum or corn.
tradefarmmachinery.com.auAnthony WingardFeb 16, 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.
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.
