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ABARES forecasts Australian wheat output rising 38% to 23.9 million tonnes in 2019-20 if rain arrives, from a drought-hit 17.3 million tonnes. Wheat acreage is expected to rise 20%, though dry weather could cut the crop again.
A larger Australian harvest would add to global wheat supply and cap prices, but the outcome hinges on autumn rainfall before April sowing.
zmp.deMar 5, 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.
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.
