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Rabobank forecasts Australia's 2023-24 winter crop at 48.72 million tonnes, down 24% from last year's record but near the five-year average. Dry conditions have pushed local wheat and barley prices above global levels, creating a positive basis.
Lower local output and a positive basis support Australian wheat and barley prices, while global canola demand provides support for canola meal and oilseeds.
afdj.com.auOct 17, 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.
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.
