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Australian winter crop prospects are strong after a good start to the season, with wheat production forecast to rise 93 per cent to 28 million tonnes in 2020. New South Wales has seen heavy rainfall and planting is proceeding rapidly.
A near doubling of Australian wheat output would substantially increase export supply, pressuring world wheat prices and competing with other origins for feed buyers.
theland.com.auGrain Brokers AustraliaMay 5, 2020After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
