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Recent rains in southern Australian wheat areas lifted harvest estimates to around 26 to 28 million tonnes, up from under 25 million a month earlier. Analysts say the crop quality is excellent, though northern areas remain dry.
A larger Australian harvest offsets crop losses in Argentina and Canada, adding supply that exerts downward pressure on global wheat prices.
ukragroconsult.comOct 23, 2023After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
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.
