◂ Event Timeline

Mar 6, 2023REPORTAustralia

ABARES ups estimates for record wheat, canola crops

ABARES estimates Australia's 2022-23 winter crop at 39.2 million tonnes of wheat, 14.1 Mt of barley and 8.3 Mt of canola, all record or near-record levels. Gross value of production is forecast at $90 billion, a new record.

WHY IT MATTERS

Large Australian wheat, barley and canola supplies add to global export availability, which is bearish for wheat and barley prices and adds canola meal supply.

AFFECTSBarley▼Canola Meal▼Wheat (SRW)▼

2 SOURCES
ukragroconsult.comMar 8, 2023
graincentral.comGrain CentralMar 6, 2023

Price reaction & history

Barley▼bearish

Not enough comparable past events yet for a historical read.

Canola Meal▼bearish

Not enough comparable past events yet for a historical read.

Wheat (SRW)▼bearishSO FAR1d -1.8%5d -2.2%20d +4.8%

After 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.

Dec 5, 2022ABARES forecasts record wheat, canola crops - Grain Central-9.5%
Sep 5, 2022ABARES lifts wheat, barley, canola estimates - Grain Central-0.5%
Mar 2, 2026ABARES confirms record for barley; canola, wheat lift - Grain Central+1.6%
Mar 4, 2024ABARES lifts wheat, canola estimates, trims barley - Grain Central+7.2%
Dec 2, 2024ABARES lifts wheat, canola estimates, trims barley - Grain Central+0.2%

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.

Barley BARLEY · GP ▸

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Canola Meal CANMEAL · GP ▸

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