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Australian Crop Forecasters estimate 2017-18 wheat production at 25.6 million tonnes, down about 24% from 33.6 million tonnes in 2016-17 and near the 10-year average of 22 million. Dry summer conditions in the southeast are weighing on confidence, while Western and South Australia benefited from above-average rain.
A sharp expected drop in Australian wheat supply could tighten export availability and support wheat prices, though strong global stocks limit the upside.
farmersweekly.co.nzGuest writerApr 18, 2017After 1,072 past bullish weather events, WHEAT 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.
