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ABARES's February crop update confirmed Australia's winter grain harvest at a record 58.9 million tonnes, 49% above last year, with record crops in every mainland state. Victoria output more than doubled to 10Mt, and the summer crop forecast for cotton, sorghum and rice was cut slightly on dry weather in northern NSW and Queensland.
Record output across all states means more Australian wheat and barley available for export, which weighs on world feed grain prices. Lower summer sorghum and rice prospects are a minor support for those markets.
abc.net.auSarina LockeFeb 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.
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.
