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A USDA GAIN report forecasts Australia's 2018-19 wheat production at 21 million tonnes, about 12% below the prior estimate, on hot, dry conditions in eastern Australia. Barley output is forecast to rise to 9.5 million tonnes on higher prices and Chinese demand.
A smaller Australian wheat crop tightens exportable supply and supports feed wheat prices, while competition from Black Sea feed wheat is expected to cap some of the upside.
world-grain.comArvin DonleyJul 11, 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.
