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ABARES forecasts Australia's 2017/18 winter crop at 40.1 million tonnes, down 33% from the record 2016/17 harvest, mainly on assumed lower average yields. The wheat crop is forecast at 24.2 million tonnes, down 31%, and barley at 8.1 million tonnes, down 39%.
Output would still be near the five-year average.
A sharp Australian wheat and barley supply cut tightens export availability for feed and milling grains and supports international prices, especially as other major wheat exporters also face lower output.
abc.net.auClint JasperJun 13, 2017After 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.
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.
