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ABARES expects Australian wheat production to rise 38% to 23.9 million tonnes in 2019-20 on a normal season, with exports rising from 10.1 to 14.2 million tonnes. The forecast is conditional on rainfall, and Queensland farmers are pessimistic about yields.
Higher Australian export availability would weigh on wheat values, but dry conditions in Queensland and northern NSW raise the risk that the rebound fails to materialise.
farmonline.com.auGregor HeardMar 5, 2019After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
