# Australia hopes for 'magnificent' wheat crop in pandemic economy - The Business Times

> Australian wheat forecasts for 2020–21 have been lifted to 26.7 million tonnes, more than 75% above the prior year and the highest since 2016–17. Rains after a three-year drought have produced lush mid-season crops across eastern grain areas.

- Date: 2020-07-29 · published 2020-07-29T12:00:00.000Z
- Category: weather · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/52071-australia-hopes-for-magnificent-wheat-crop-in-pandemic-economy-the-business
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

A bumper Australian wheat crop expands exportable supply and is bearish for world wheat prices, while boosting Australian farm demand for machinery and credit.

## Read by commodity

- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2020-09-21 | [Australia prepares for bumper harvest as rain boosts NSW winter crops 300% \| Australian economy \| The Guardian](https://feedsoft.ai/events/51092-australia-prepares-for-bumper-harvest-as-rain-boosts-nsw-winter-crops-300.md) | -1.9% | +7.9% |
| WHEAT | 2024-04-09 | [Australia to increase wheat and barley crops](https://feedsoft.ai/events/30666-australia-to-increase-wheat-and-barley-crops.md) | -0.6% | -0.3% |
| WHEAT | 2020-12-03 | [Australia to Harvest Second Biggest Wheat Crop on Record \| Feed & Grain](https://feedsoft.ai/events/49623-australia-to-harvest-second-biggest-wheat-crop-on-record-feed-and-grain.md) | +9.8% | +9.8% |
| WHEAT | 2024-05-31 | [Rain in Australia's parched crop zones boosts harvest outlook - Times of India](https://feedsoft.ai/events/30197-rain-in-australia-s-parched-crop-zones-boosts-harvest-outlook-times-of-india.md) | -5.3% | -10.5% |
| WHEAT | 2020-10-07 | [La Niña's Mixed Blessing: For Australia, a 90% Jump in Wheat Production](https://feedsoft.ai/events/50566-la-nina-s-mixed-blessing-for-australia-a-90-jump-in-wheat-production.md) | +0.4% | -0.1% |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/companies-markets/energy-commodities/australia-hopes-magnificent-wheat-crop-pandemic-economy

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.