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ABARES forecasts Australian wool prices to rise 4% in 2018-19 to $17/kg and wheat prices to rise 6% to US$234/t. Total farm production is tipped to fall to $59 billion in 2017-18 after dry conditions in key growing regions.
Expected wheat and milk price gains off low bases raise feed-ingredient costs, though the outlook is for recovery after a drought-hit year.
smh.com.auDarren GrayMar 5, 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.
After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
