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Drought has cut Australia's national wheat harvest to its smallest in a decade, according to the latest forecasts. NAB lowered its wheat estimate to 15.5 million tonnes, citing heat, a dry spring and frost, and Rabobank cut its winter crop forecast to 27.7 million tonnes.
A decade-low Australian wheat crop removes a major source of export supply, which supports global wheat prices and raises the cost of imported grain for feed users.
queenslandcountrylife.com.auLloyd George, Ag ScientiaOct 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.
