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ABARES forecasts Australian farm production of $59 billion in 2017-18, a 5 per cent fall from the record 2016-17 season. It expects global crop production to ease from very high levels while stocks stay high and prices low to 2022-23, absent supply shocks.
A forecast of ample global stocks and low prices through 2022-23 is bearish for grain prices. Rising US beef production is also expected to increase competition in Australian beef export markets.
ausfoodnews.com.auAFN Staff WritersApr 9, 2018After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
After 144 past bearish report events, LCATTLE moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% 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.
