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Australia's agriculture department forecasts winter crop production to fall 34% from record highs, with wheat output declining to 26.2 million tonnes. Forecasters expect dryness linked to El Niño to reduce yields.
A roughly one-third drop in Australian wheat and barley would remove a major exporter's supply from global markets, supporting wheat and barley prices and likely raising feed grain costs for importers.
reuters.comLewis JacksonJun 5, 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.
After 68 past bullish weather events, Oats moved a median -0.8% over 5 sessions (47% higher; middle half -3.6% to +3.9%), and -0.3% over 20.
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.
