Loading…
ABARES cut its 2017 Australian wheat forecast to 21.6 Mt, down 2.5 Mt from June and 38% below last year's record. Queensland conditions were the main drag, partly offset by favourable weather in Victoria, South Australia and southern Western Australia.
A further downgrade to Australian wheat supply adds to export tightness, though the USDA noted global grain supplies remain ample, limiting the price gain.
stockandland.com.auLloyd George, Ag ScientiaSep 19, 2017After 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.
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.
