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GIWA's November report puts Western Australia's winter crop at 14.51 Mt, down 44% from last year's record 26.06 Mt and 445,000 t lower than October estimates. Lack of rain has cut the forecast every month since July's 18.14 Mt estimate, and harvest is expected to finish by end-December.
A 44% drop in WA output tightens Australian feed grain and wheat supplies, supporting export prices and drawing more demand to other origins.
graincentral.comGrain CentralNov 17, 2023After 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.
