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Argentina's wheat harvest reached 45 percent complete by Dec. 7, ahead of last year's pace, with Bolsa de Cereales forecasting output at 17.0 MMT.
Australian wheat production is forecast by ABARES to fall to 20.3 MMT after rains damaged yield and quality. European Union planted winter wheat area for 2018/19 is expected slightly lower, with dry conditions in Spain noted.
Lower Australian output and a smaller EU area point to tighter wheat supplies, which supports feed wheat prices and competes with corn and barley in feed rations.
uswheat.orgDec 14, 2017After 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.
After 29 past neutral weather events, Wheat (HRW) moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), and -0.7% 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.
