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ABARES's latest Australian Crop report estimates total winter crop production fell about 36% to 37.8 million tonnes. Wheat output dropped 38% to 21.2 million tonnes and barley fell 33% to 8.9 million tonnes, while canola was down 15%.
Summer crop conditions have deteriorated, with below-average rainfall and soil moisture.
A sharp drop in Australian wheat and barley supply tightens export availability for Asian and Middle Eastern buyers, supporting feed grain and wheat prices. Buyers may need to source more from the Black Sea or other origins.
world-grain.comSusan ReidyFeb 13, 2018After 769 past bullish report events, WHEAT 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.
