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Rural Bank projects Australia's winter cereal production to fall from record highs, with wheat output down 34% to 26.2 million tonnes. The forecast assumes below-average winter and spring rainfall.
Plantings for 2023-24 are expected to be at or near record levels.
A sharp drop in Australian wheat output from a record planted area would tighten export supplies and support wheat prices. The outlook depends heavily on El Niño, which had not yet been declared.
afdj.com.auelizabethJul 8, 2023After 1,072 past bullish weather events, Wheat (SRW) 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.
