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Feb 18, 2020REPORTAustralia

Australia says 2019/20 wheat harvest drops to lowest in 12 years

Australia's ABARES said 2019/20 wheat production totalled 15.17 million tonnes after harvest was completed. This is the lowest level since 2008 and below the December forecast.

WHY IT MATTERS

A smaller Australian wheat crop reduces export supply and supports wheat prices. The shortfall versus December expectations adds to the tightness.

AFFECTSWheat (SRW)▲

SOURCE
reuters.comColin PackhamFeb 18, 2020

Price reaction & history

Wheat (SRW)▲bullishSO FAR1d +0.7%5d -0.9%20d -0.1%

After 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.

Jul 10, 2024France expects lowest wheat harvest in 4 years-4.1%
Jun 18, 2019Australia lowers wheat export forecast | 2019-06-18 | World Grain+7.1%
Feb 18, 2019Australian wheat production falls to 11-year low as drought bites-1.6%
Aug 23, 2018Global wheat harvest to fall for first time in six years: IGC - Grain Central+1.6%
Aug 9, 2024France heading to one of worst wheat harvests in 40 years+0.2%

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.

Wheat (SRW) WHEAT · GP ▸

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