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ABARES' first crop report of the year forecasts Australia's winter crop to rise 20% to 36.4 million tonnes, still 10% below the 10-year average. Wheat is forecast up 23% to 21.2 Mt, with Victoria and South Australia expected to be above average and Western Australia down from a bumper harvest due to late rain.
A larger Australian crop than last season eases export tightness for wheat and barley, though output remains below normal and supports domestic feed prices in drought-hit eastern states.
abc.net.auEmma Field, Joanna PrendergastJun 11, 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.
