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ABARES made a substantial upward revision to its final 2022-23 crop report, putting Australia's winter crop at 67.3 million tonnes, a record. Wheat at 39.2Mt and canola at 8.3Mt both hit record levels, while barley was the third-largest on record at 14.1Mt.
The upward revision confirms a large Australian export supply of wheat, barley and canola, which pressures world feed grain and oilseed meal prices. Buyers should expect competitive Australian origin pricing.
farmonline.com.auGregor HeardMar 7, 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.
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.
