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The USDA's August WASDE projects Australian wheat output at 22 million tonnes, unchanged from July and 3Mt above INTL FCStone's 19Mt survey. The USDA cut its European cereal crop estimate by 7.5Mt to 137.5Mt after hot, dry weather in major producing regions.
Europe's smaller crop tightens global wheat supplies, which supports prices. Market participants expect Australian estimates to fall as dryness in eastern states cuts output.
graincentral.comGrain CentralAug 13, 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.
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.
