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ABARES's September crop report put Australian wheat production at 28.9 million tons for 2020-21, up 91% year on year after widespread rains. Barley output was lifted about 6% to 11.2 million tons, and winter crop supply is forecast to rise 64%.
A near doubling of Australian wheat and barley supply adds significant competing export tonnage, pressuring world feed grain prices.
ajot.comBloombergSep 7, 2020After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
