Loading…
ABARES cut its 2018/19 Australian wheat forecast to 16.9 million tonnes, the smallest crop in a decade and below its September estimate. Markets also rose on the US-China trade truce, with US wheat futures rallying before closing below the day's highs.
A sharply smaller Australian crop removes export supply and supports world wheat prices, and the trade truce adds to the upward pressure.
theland.com.auLloyd GeorgeDec 6, 2018After 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.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
