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USDA reports show Australian wheat production forecast to fall to 29Mt in 2023-24, its smallest in five years, while global crops are seen significantly bigger than expected. Black Sea exports are relatively unimpeded, and Australian wheat quotes have fallen $4 per tonne since May.
Large global supplies and steady Black Sea exports cap wheat prices despite the Australian decline, so the net price effect is limited.
countryman.com.auCally DupeJun 19, 2023After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
