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ABARES final tally put Australia's 2018/19 wheat output at 17.3 million tonnes, down from 21.24 million a year earlier and slightly above its December estimate. It is the smallest crop since 2007/08 after drought.
A small Australian wheat crop reduces export availability in a major exporter, supporting world wheat prices and Asian buyers' demand for alternative origins.
reuters.comFeb 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.
