Normally market would react

[malleefarmer]

ABS slashes 16/17 Australian wheat crop by 5MMT to 30MMT - 14% haircut in the stroke of a pen

Probably hasnt hit the wires there yet.

Some suggest another 2 million tonne to come off.

[ajl]

We are talking about the harvest that was completed a year ago, not the one just completed right? I is likely that ABS has the credibility of StatsCan which is to say none. That is why the trade doesn't care. Canola prices would be lower here if Statscan's recent report had any credibility. I think recent dips are worries the dry weather here ends and canola gets seeded on every acre of western Canada this spring. Less wheat in OZ will at least be somewhat helpful.

[malleefarmer]

one just completed or still going in just a few spots but id say 98% done

[malleefarmer]

Reporting is a tad different in australia.
Grain in bulk Handling systems in known reported each week.
Grain sold and unsold in bulk handling system is known.

Grain for domestic consumption and stored by end users in "basically" known.

Only unknown is whats stored on farm.

So trade here have a good handle on grain stocks and totals.

Shipping stems are known ships incoming i think 4 months in advance and ships leaving with tonnes commodity and grade.

Often you may see a spike in a certain grade at a certain port market could be 12 bucks for no reason then bid withdrawn mid afternoon basically hey were short tonnes for a shipment and needed grain quickly.

thats were grain brokers are handy, farmers can access same info but broker are aware in advance

[farming101]

Frost more severe than thought?
December WASDE had Australia production at 33.5 million 2016/17

Wheat markets were up a small bit today. Chicago fended off a sell signal today

[farming101]

Well, so much for that....
US ending wheat stocks projections for 17-18 up for second month
Aust. had 3.14 MMT shaved off their 16-17 crop, result: wheat down across the board

China forecast to have nearly a whole year's wheat crop in the bin at the end of 17-18

[Partners]

Wht at viterra down 27 cents today..

[Oliver88]

Wht at viterra down 27 cents today..

CDN $ up a bit due to oil likely not helping.