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ABARES signalled it will likely downgrade Australia's 2017/18 winter crop forecast in its December report, citing serious rainfall deficiencies from June to September in NSW, central and southern Queensland and parts of South Australia. Its current estimate is 36.3 million tonnes, 2% above the 10-year average.
A smaller Australian crop reduces exportable supply of wheat and barley, supporting world prices and firming feed grain alternatives for buyers.
graincentral.comGrain CentralOct 13, 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.
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.
