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ABARES forecasts Australian farmgate production will rise 7% to $65 billion in 2020/21, supported by the second-largest winter crop and a promising rainfall outlook. It also expects exports to fall 7% to $44.7 billion, as residual drought effects and trade uncertainty weigh on values.
A near record Australian winter crop adds to global wheat supply, which is mildly bearish for prices, while lower export values point to softer demand pressure.
arr.newsSpecial Correspondent, ARR.NewsJan 9, 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.
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.
