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ABARES raised its Australian wheat projection by 4.6 million tonnes to a record 32.6 million tonnes. Early harvest yields in southern NSW and Victoria are reported as record highs.
GrainCorp has received about 1.4 million tonnes in Victoria so far.
The record crop confirms a large export supply from Australia, which is bearish for wheat and barley prices. Prices were steady to higher recently on export sales, which may limit near-term downside.
stockandland.com.auLloyd George, Ag ScientiaDec 13, 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.
