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Australia's wheat crop is now likely to top 30 million tonnes, with record barley output of about 10 million tonnes forecast despite frost damage in Western Australia. Chinese buyers have concluded plenty of barley business, and a weaker Australian dollar at about 74 US cents is making Australian wheat more competitive in South Asia.
Large Australian wheat and barley supplies increase export competition and weigh on world prices, while the weaker currency makes Australian grain cheaper for buyers. Feed buyers can expect ample barley and wheat supply at lower prices.
graincentral.comHenry WellsDec 5, 2016After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
