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GrainCorp's eastern seaboard silos are recording record volumes, with 12 million tonnes of wheat, barley, canola and chickpeas received. Australia's wheat production is forecast at 28.08 million tonnes for 2016/17, and analysts expect it could be higher.
The article notes an already oversupplied global wheat market.
A bumper Australian crop in an oversupplied global market points to continued downward pressure on wheat and barley export prices.
xinhuanet.comJan 11, 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.
