# Winter crop harvest expected near five year average with price benefits - Australasian Farmers' & Dealers' Journal

> 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.

- Date: 2023-10-17 · published 2023-10-17T12:00:00.000Z
- Category: report · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/33574-winter-crop-harvest-expected-near-five-year-average-with-price-benefits
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Barley](https://feedsoft.ai/c/BARLEY.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Lower local output and a positive basis support Australian wheat and barley prices, while global canola demand provides support for canola meal and oilseeds.

## Read by commodity

- WHEAT: bullish ▲
- BARLEY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-07-06 | [Winter crop production expected to be above average with high global prices - Australasian Farmers' & Dealers' Journal](https://feedsoft.ai/events/40443-winter-crop-production-expected-to-be-above-average-with-high-global-prices.md) | -5.1% | -4.1% |
| WHEAT | 2021-10-24 | [Winter crop harvest for season 2021/22 on alert for a record result - Australasian Farmers' & Dealers' Journal](https://feedsoft.ai/events/44505-winter-crop-harvest-for-season-2021-22-on-alert-for-a-record-result.md) | +0.5% | +8.7% |
| WHEAT | 2017-06-13 | [Commodity forecaster tipping cut to winter crop production, but still expected to be fifth largest harvest - ABC News](https://feedsoft.ai/events/70446-commodity-forecaster-tipping-cut-to-winter-crop-production-but-still-expected.md) | +0.8% | +2.2% |
| WHEAT | 2017-06-14 | [Winter crop down from record 2016-17, but still set for five-year average - Grain Central](https://feedsoft.ai/events/70447-winter-crop-down-from-record-2016-17-but-still-set-for-five-year-average-grain.md) | +0.6% | +1.3% |
| WHEAT | 2021-03-17 | [Australian wheat farmers double down after record harvest](https://feedsoft.ai/events/48061-australian-wheat-farmers-double-down-after-record-harvest.md) | +0.9% | -3.6% |

## Sources

- afdj.com.au: https://afdj.com.au/winter-crop-harvest-expected-near-five-year-average-with-price-benefits/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.