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ABARES raised its 2018/19 Australian wheat and barley estimates, with wheat up 342,000 tonnes and barley up 998,000 tonnes, mainly from Western Australia and South Australia. Supplies fell in NSW and Queensland, and grain prices are falling with a wide gap between old and new season prices.
Higher eastern-state-independent supply estimates add to surplus pressure and weigh on Australian wheat and barley prices, though eastern shortfalls may still need to be filled from the west.
stockjournal.com.auMalcolm BartholomaeusFeb 20, 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.
