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ABARES cut its 2019-20 Australian wheat export forecast by nearly 18% to 11.7 Mt from 14.2 Mt in March, as drought continues. Wheat is being imported for the first time in over a decade, and production is expected to rise about 22% to around 21 Mt.
Lower Australian export availability tightens supply in Asian import markets and supports world wheat prices, while imports signal domestic feed and milling shortfalls.
world-grain.comArvin DonleyJun 18, 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.
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.
