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ABARES' June crop report forecasts Australian wheat, barley and oats output for 2019-20 to rise about 20% year on year to above 31 million tonnes, but remain 10% below the 10-year average. Poor autumn rain in WA, northern NSW and southern Queensland, plus a weak Bureau of Meteorology winter rainfall outlook, constrain prospects.
Feed grain prices rallied over the past month.
Australia's feed grain supply remains tight despite the rebound, so import demand and domestic prices are likely to stay firm, supporting feed grain values.
mla.com.auJun 20, 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.
After 52 past bullish report events, Oats moved a median -2.0% over 5 sessions (33% higher; middle half -3.4% to +2.4%), and +0.7% 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.
