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ABARES cut its 2018-19 Australian wheat production forecast by 8% to 21.9 million tonnes from 23.7 Mt, citing dry weather on the east coast. Barley is forecast at 9.2 Mt and canola at 3.1 Mt, with chickpeas down 40%.
A sizeable downgrade to Australian wheat supply tightens export availability and supports world wheat prices, which feed buyers pay for wheat-based feed.
world-grain.comArvin DonleyJun 13, 2018After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
