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ABARES forecasts Australian winter crop production in 2020–21 at 44.5 million tonnes, up 53% and 11% above the 10-year average. Wheat area is forecast to rise 27% to almost 13 million hectares, and barley area up 8% to about 4.4 million hectares.
A sharp rise in Australian winter grain output increases export supply of wheat and barley and is bearish for world feed grain prices.
rbmagazine.com.auJul 2, 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.
ABARES forecasts a 53% jump in winter crop output and a 27% rise in wheat area, which supports the bearish supply picture.
