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ABARES raised its 2016 wheat forecast by 4.5 million tonnes to a record 32.6 million tonnes. Australia is on track for its largest grain harvest on record despite flooding in some areas.
Barley is also forecast at a record 10.6 million tonnes.
Record Australian wheat and barley supplies add to export competition and weigh on feed grain prices. Buyers may find cheaper imported feed grains in coming months.
queenslandcountrylife.com.auLloyd George, Ag ScientiaDec 8, 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.
