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Australian grain analysts continue to cut their winter crop forecasts, with most now projecting a significant year-on-year drop in production. Rabobank forecasts 27.7 million tonnes for the winter crop and 15.8 million tonnes of wheat, while NAB has wheat at 15.5 million tonnes.
The main downgrade driver is Western Australia returning to more normal conditions after last year's bumper crop.
A smaller Australian wheat crop tightens exportable supply and supports international wheat prices, while feed-grade barley supplies also tighten for buyers.
farmonline.com.auGregor HeardOct 22, 2019After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
