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Mar 6, 2023REPORTAustralia

Record winter crop production expected for Australia

ABARES raised its estimate of Australia's 2022-23 winter crop to 67.6 million tonnes, a record, up 8.4% from December. Record wheat (39.19Mt) and canola (8.27Mt) harvests drove the increase, offsetting flood losses in Queensland and New South Wales.

WHY IT MATTERS

A record Australian winter crop adds substantial exportable wheat, barley and canola supply, which is bearish for global wheat and canola meal prices. Feed buyers may see softer offers from Australia during the coming export season.

AFFECTSWHEAT▼CANMEAL▼BARLEY▼

SOURCE
agcanada.comAGCanadaMar 6, 2023

Price reaction & history

WHEAT▼bearishSO FAR1d -1.8%5d -2.2%20d +4.8%

After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.

Nov 29, 2021Record year for Australian winter crop production: ABARES - Grain Central-1.1%
Jun 10, 2020Australia winter crop production expected to increase | 2020-06-10 | World Grain-1.1%
Sep 1, 2026Australia’s winter crop production revised up | World Grain+1.0%
Sep 7, 2021ABARES forecasts record winter crop production - Beef Central+1.8%
Mar 2, 2026Australia’s winter crop production revised higher | World Grain+1.6%

CANMEAL▼bearish

Not enough comparable past events yet for a historical read.

BARLEY▼bearish

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.

WHEAT · GP ▸

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CANMEAL · GP ▸

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