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ABARES's post-harvest estimate puts Australia's 2016-17 winter crop at 58.87 million tonnes, 28.9% above the previous record of 45.67Mt set in 2011-12 and 49% above the prior year. Wheat, barley and chickpea records were set, and canola equalled its record.
Grain storage is reported to be full across Australia.
A record crop that fills storage across Australia means heavy export availability, which weighs on wheat and barley prices in world markets. Full bunkers may also push farmers to sell, adding to near-term pressure.
therural.com.auGregor HeardFeb 15, 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.
