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Early sowing in south-eastern and south-western Australia has been strong despite a dry climate outlook, with NAB and Rural Bank reporting near-ideal conditions. Early ABARES forecasts show a 28.2 million tonne wheat crop and 9.9 million tonne barley crop.
A good planting start limits downside risk to Australian wheat and barley supply, which weighs modestly on feed grain prices, though El Niño remains a key risk to yields.
farmonline.com.auGregor HeardMay 9, 2023After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
