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Grain markets ended lower during the week amid coronavirus concerns and volatile equities, with stimulus measures announced by several governments. ABARES forecast Australian wheat plantings up nearly 20% to 29.7 million hectares and 2020/21 wheat output of 21.3 million tonnes, a 40% rebound from the prior year's downgraded harvest.
A large expected Australian wheat recovery adds export supply for 2020/21, which is bearish for world wheat prices, while coronavirus demand worries add further downside pressure.
realagriculture.comBrennan TurnerMar 7, 2020After 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.
After 138 past bearish report events, Wheat (HRW) moved a median +0.0% over 5 sessions (50% higher; middle half -2.9% to +2.4%), and +0.5% over 20.
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.
