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ABARES forecasts world wheat production at a record 766 million tonnes in 2019-20, with the world wheat indicator price averaging 6% lower at US$218 per tonne. Australian wheat output is forecast to rise 10% to 19 million tonnes, though feed grain prices remain high domestically and import permits have been issued for the first time since 2006-07.
Record global wheat supply pressures world prices, while Australia's recovery reduces its need for feed-grain imports, though domestic eastern-state demand stays firm.
graincentral.comGrain CentralSep 17, 2019After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
