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World Grain reports that ABARES forecasts Australian wheat production to fall 37% to 25.5Mt and barley to fall 24% to 10.8Mt in 2023-24. Total winter-crop output is forecast at 46.1Mt, 33% below last year's record after three bumper crops.
The year-on-year drop in Australian wheat and barley supply tightens export availability in a market that buys from Australia. That supports prices for both grains.
world-grain.comArvin DonleyDec 6, 2023After 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.
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.
