# Australian wheat prices improve as expected production declines. | Farm Weekly | WA

> Australian wheat basis, the gap between domestic prices and Chicago wheat futures, has moved to a normal premium as expected production falls. The ABARES forecast is 26.2 million tonnes, and dry conditions are emerging across the country.

- Date: 2023-08-30 · published 2023-08-30T12:00:00.000Z
- Category: weather · region Australia · magnitude low
- Page: https://feedsoft.ai/events/34522-australian-wheat-prices-improve-as-expected-production-declines-farm-weekly-wa
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

A narrowing discount to Chicago and a firmer basis signal tighter Australian wheat supply, which supports export and feed wheat prices and may lift competing feed grain values.

## Read by commodity

- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-07-28 | [Australia forecasts 34% decline in wheat production](https://feedsoft.ai/events/35012-australia-forecasts-34-decline-in-wheat-production.md) | -0.1% | -2.1% |
| WHEAT | 2017-04-18 | [Australia’s wheat crop expected to fall](https://feedsoft.ai/events/71460-australia-s-wheat-crop-expected-to-fall.md) | +1.0% | -0.1% |
| WHEAT | 2025-04-02 | [Analysts forecast a decrease in wheat production in Australia in the new season](https://feedsoft.ai/events/25087-analysts-forecast-a-decrease-in-wheat-production-in-australia-in-the-new-season.md) | -0.8% | +1.9% |
| WHEAT | 2018-06-26 | [Wheat price drives up rations - Farmers Weekly](https://feedsoft.ai/events/11645-wheat-price-drives-up-rations-farmers-weekly.md) | -4.9% | -0.0% |
| WHEAT | 2018-12-13 | [Global Production Continues to Decrease Due to Weather Problems in Australia and Russia - U.S. Wheat Associates](https://feedsoft.ai/events/7510-global-production-continues-to-decrease-due-to-weather-problems-in-australia.md) | +2.5% | +2.0% |

## Sources

- farmweekly.com.au: https://www.farmweekly.com.au/story/8327455/wheat-basis-gets-back-to-black/

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