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NAB Agribusiness forecasts Australian wheat prices to rise about 12% by end-2017, largely on an expected fall in the Australian dollar to 70 US cents. It says global wheat supply is near record levels and USDA ending stocks are near 250 million tonnes, so prices are expected to stay generally weak.
A weaker Australian dollar lifts local wheat prices and makes Australian exports more competitive, but with world stocks high the rally is limited and depends on currency moves.
graincentral.comGrain CentralFeb 21, 2017Not enough comparable past events yet for a historical read.
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.
