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USDA's Foreign Agricultural Service projects Australian wheat output in 2023-24 to fall 25% to 29 million tonnes from the record 39.2 million in 2022-23. The decline reflects predicted drier weather and lower prices.
A sharp drop in Australian wheat supply reduces global feed wheat availability and tends to lift wheat and barley prices.
world-grain.comArvin DonleyMay 1, 2023After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), 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.
