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Argentina has nearly finished planting its 2019/20 wheat and barley crops, with 6.078 million hectares sown. BAGE forecasts a record 21.2 million tonnes of wheat, above the USDA's 20 Mt estimate, and exports of about 14.5 Mt.
A record Argentine crop and larger exports increase competition for Australian wheat in Asian markets, which weighs on global wheat export prices.
grainbrokers.com.auJul 23, 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.
