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South Australia's 2022-23 grain harvest reached a record 12.788 million tonnes, up 51% year on year and above the previous record of 11.1 million tonnes set in 2016-17. Wheat is estimated at 7.33 million tonnes and barley at 3.08 million tonnes, with leaf disease and earlier flooding causing some damage.
The farm gate value is estimated at A$4.6 billion.
A record state crop adds substantial wheat and barley supply to Australian export markets, which is bearish for prices. The scale of the increase is large enough to influence Australian basis and export pricing.
millingmea.comFrankApr 3, 2023After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
