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ABARES's June report forecasts Australian winter crop output at 44.5Mt in 2020-21, up from the drought-reduced 29.1Mt in 2019-20. Wheat is forecast at 26.7Mt, barley at 10.6Mt and canola at 3.2Mt, with New South Wales accounting for much of the increase.
A recovery to the largest winter crop since 2016-17 increases Australian exportable grain supply, which adds downward pressure on wheat and barley prices.
queenslandcountrylife.com.auLloyd George, Ag ScientiaJun 22, 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.
