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USDA's Canberra attaché report says El Niño conditions persist but eased after above-average rain in eastern Australia. It raised the MY 2023/24 sorghum forecast to 1.8 MMT and expects wheat exports to fall 40% to 19.0 MMT.
Barley exports are forecast at 6.0 MMT, down 23%, amid competition from Chinese buyers after China removed tariffs.
Lower Australian wheat exports tighten supply in export markets and support wheat prices. Heavier barley competition from China and firmer sorghum output weigh on feed grain prices for buyers.
fas.usda.govJan 23, 2024After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
Not enough comparable past events yet for a historical read.
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.
