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ABARES's June Agricultural Commodities report lifts Australian wheat production 76% to 26.7Mt in 2020-21, the largest since 2016-17. It also forecasts the world wheat indicator price to average US$222 per tonne, with price falls expected for most major commodities.
Higher Australian output and abundant world wheat supplies point to continued low wheat prices, which benefits feed buyers sourcing wheat for rations.
graincentral.comJun 16, 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.
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.
