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Rabobank forecasts Australia's 2019/20 winter crop at 27.7 million tonnes, the smallest since 2007/08 and about 9% below last year's drought-reduced harvest. Western Australia is projected at 11.9 million tonnes, down 33%, and Queensland's crop is seen at just under 0.5 million tonnes amid ongoing severe drought.
Sharply lower Australian wheat and barley output reduces export availability and supports prices for wheat and feed barley in global markets.
graincentral.comGrain CentralOct 21, 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.
