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ABARES pegged Australia's 2019-20 wheat production at 15.17 million tonnes, the lowest in 12 years and down from its December forecast of 15.85Mt. The USDA expects world wheat exports to fall for a third straight year.
Australia has seen production decline sharply during three straight drought years.
A shrinking Australian crop and falling global exports tighten wheat supplies available to feed buyers and support prices. The trend points to continued firmness in wheat values.
world-grain.comArvin DonleyFeb 18, 2020After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
