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ABARES reaffirmed its estimate of a record Australian wheat harvest of 32.6 million tonnes for 2016/17, up 35% on last year. Total winter crop output is pegged at 52.4 million tonnes, including a record 10.6 million tonne barley crop.
Prices are hovering near six-year lows.
A record Australian wheat and barley crop adds to a global supply glut and keeps export prices under pressure for feed grains. Buyers can expect continued weak wheat and barley prices into the new season.
abc.net.auClint JasperDec 5, 2016After 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.
