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Basis Commodities cut its Australian production forecasts after visiting the Australian Grains Industry Conference. Northern NSW wheat plantings were cut by a third, with less than a quarter of intended area planted, and El Niño is flagged as a risk to output.
Lower planted wheat area in northern NSW reduces expected exportable supply, supporting wheat prices and feed grain alternatives for Asian buyers.
basiscommodities.comAug 8, 2023After 1,072 past bullish weather events, WHEAT 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.
