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The ABS survey put Australia's 2016 wheat production at 30 million tonnes, 5 million tonnes below ABARES's earlier estimate. USDA responded in its January WASDE by cutting Australia's 2016 output by 3 million tonnes and reducing its 2017/18 export forecast by 1.5 million tonnes.
The USDA trimming Australian supply and exports tightens the global wheat export balance modestly, supporting world wheat prices.
graincentral.comHenry WellsJan 18, 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.
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.
