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ABARES raised Australia's 2016/17 winter crop estimate 12% to a record 58.9 million tonnes, up 49% on last season. Record wheat (35.1Mt), barley (13.4Mt) and chickpea crops were reported, and canola equalled its record of 4.1Mt.
Summer crops in Queensland and northern NSW were trimmed on dry, warm conditions.
A record Australian wheat and barley harvest adds exportable supply to the world feed and grain market, which tends to pressure wheat and barley prices. The dry summer-crop outlook in Queensland and northern NSW is a smaller offsetting factor.
graincentral.comGrain CentralFeb 14, 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.
