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ABARES raised its 2020/21 Australian wheat production forecast by nearly 10% to 31.17 million tonnes, up from 28.91 million in September. That would be the country's second-biggest wheat crop on record, just short of the 31.8 million tonne high in 2016/17.
Harvest is already under way in many regions.
A near-record Australian crop adds export supply just as global wheat prices sit at multi-year highs, which points to downward pressure on FOB wheat prices. Lower wheat values can make wheat a cheaper feed alternative to corn.
feedandgrain.comDec 3, 2020After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
