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Rabobank analyst Cheryl Kalisch Gordon says Australian barley prices are unlikely to get much better than current levels, with on-farm storage capacity expanded since 2016. She cites a barley discount of up to $90/t to wheat that will persist while China stays out of the market, and expects production a couple of million tonnes above last year.
Larger expected Australian barley output combined with the absent China market points to continued pressure on barley prices, though global benchmark support from the Black Sea and US dryness limits downside.
stockjournal.com.auAlisha FogdenOct 22, 2020Not enough comparable past events yet for a historical read.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
