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Australia's winter crop is now expected at 51.5 million tonnes, with wheat at 30.2 million and barley at 12 million tonnes. Record grain deliveries have reached bulk handling systems, and GrainCorp reported 7.2 million tonnes received.
Wheat and barley prices have dropped by up to A$30 a tonne as traders resist the large volumes offered.
Heavy farmer selling and bigger-than-expected deliveries are pushing down Australian feed grain prices. Some analysts think the crop could be even larger, which would extend the pressure on export and domestic feed values.
queenslandcountrylife.com.auLloyd Gordon, Ag ScientiaDec 21, 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.
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.
