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ABARES's September report puts Australian winter crop production at 33.9 million tonnes, a 7% downward revision from June and about 16% below the 10-year average. Wheat is forecast at 19.1 million tonnes and canola at 2.3 million tonnes, 29% below average, after deteriorating winter conditions in NSW and Queensland.
Below-average wheat and canola output reduces exportable supply from Australia and supports prices for wheat and canola meal.
world-grain.comArvin DonleySep 10, 2019After 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.
Not enough comparable past events yet for a historical read.
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.
