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The September WASDE cut Australia's 2019/20 wheat crop by 2 million tonnes to 19 million tonnes, with large areas of NSW and southern Queensland left unplanted because of drought. Global wheat production was trimmed to 765.5 million tonnes.
Barley output was raised sharply by larger crops in Canada, the EU, Russia and Ukraine.
Drought-reduced Australian supply tightens the global wheat export balance and lowers Australian trade flows. Larger northern barley crops offset some of that support for barley.
graincentral.comGrain CentralSep 13, 2019After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
