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Australia's agriculture ministry forecast its 2024/25 winter wheat crop at 28.4 million tonnes, up from 26 million, with barley and canola also rising. Wetter weather and a fading El Niño improved the outlook.
Winter crop output is expected to rise 9% to 51 million tonnes.
A larger Australian harvest adds to global wheat, barley and canola supply, which is bearish for prices. Export volumes are also expected to exceed the long-term average.
admis.comADMIS Research TeamMar 5, 2024After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
