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Australian Crop Forecasters puts the 2018 wheat crop near 24.6 million tonnes, close to average, but warns downgrades are likely without opening rain. Most areas have had below-average rainfall and no true autumn break.
A likely downgrade to Australian output would reduce export supply and support wheat and barley prices into the new crop year.
farmonline.com.auGregor HeardMay 23, 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.
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.
