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IKON Commodities forecasts Australia's 2020 wheat crop at 27.89 million tonnes, close to double last year, with canola at 3.57Mt and barley at 9.09Mt. ABARES projects 21.35Mt of wheat from 12 million hectares, and another forecaster puts wheat at 21.6Mt.
Planting has started after large rainfall events across most of the country.
A sharp rebound in Australian crops adds exportable wheat and barley supply and eases domestic feed tightness, which is bearish for wheat and barley prices if the forecasts hold.
graincentral.comGuest AuthorMar 18, 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.
