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ABARES's June Agricultural Commodities Report forecasts Australian wheat production will rise 76% to 26.7 million tonnes in 2020-21. Winter crop area is up 23%, with gains above 90% in New South Wales and Queensland after several drought years.
A much larger Australian wheat crop adds exportable supply in 2020-21 and would pressure world wheat prices and Australian feed-grain values. The increase is a forecast that depends on winter rainfall.
graincentral.comGrain CentralJun 18, 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.
