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A USDA GAIN report projects Australia's 2020-21 wheat crop at 31 million tonnes, the second largest on record and more than double the prior drought-hit year. It forecasts wheat exports of 21 million tonnes and notes that China has threatened but not formally announced a wheat ban.
A large Australian crop and strong export forecast add meaningful supply to world wheat markets, pressuring prices, especially in Southeast Asia where Australia is expected to regain share.
world-grain.comArvin DonleyJan 27, 2021After 1,006 past bearish report events, WHEAT 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.
