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National forecasters raised Australia's 2020-21 wheat estimate to 28.2 Mt and barley to 10.4 Mt, up from July's 26 Mt and 10 Mt. Deteriorating prospects in Western Australia are offset by a strong outlook for south-eastern Australia, where NSW may produce its biggest wheat crop on record.
Larger Australian wheat and barley supplies add export competition and put downward pressure on feed grain prices, though WA's dry conditions limit how far the upgrade goes.
graincentral.comGrain CentralOct 12, 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.
