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ABARES forecast Australian winter crop production at a record high, with wheat up 35% to 32.6 million tonnes and barley up 24% to 10.6 million tonnes. The forecast is a 14% upward revision from the September report.
Production is expected to rise in every state.
A 14% upward revision to a record crop is a large supply increase for feed barley and wheat exporters. This adds bearish pressure on global feed grain prices.
farmingahead.com.auAlex PaullDec 7, 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.
