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Australian crop forecasters are scaling back the expected year-on-year drop in grain production because Western Australia is on track for a record season. Dry conditions in New South Wales and Queensland still limit national output, and INTL FCStone's July national wheat estimate is 18.77Mt.
A strong WA crop offsets losses in the east, which limits upside in Australian wheat prices. Lower national production estimates still keep the supply outlook tight.
farmonline.com.auGregor HeardAug 22, 2018After 224 past neutral weather events, WHEAT moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
