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ABARES forecasts Australian grain and oilseed production to fall back to average levels in 2017-18 after a record 58.9 million tonne winter crop in 2016-17. Record global cereal output has pushed grain prices to real lows not seen since the mid-2000s.
Record Australian supply plus lower 2017-18 output shifts the wheat and barley outlook, with global prices staying low while Australian exports remain competitive.
graincentral.comGrain CentralMar 9, 2017After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
