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ABARES's June 2020 crop report forecasts Australian wheat at 26.7Mt, barley at 10.6Mt and canola at 3.2Mt for the crop just planted. The increases follow a turnaround in New South Wales from drought, with wheat area there nearly doubling.
A sharp rebound in Australian wheat and barley supply adds to global feedgrain and wheat availability, which pressures export prices. Barley is a direct feed ingredient, so a larger crop weighs on feed-grain prices.
graincentral.comGrain CentralJun 10, 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.
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.
