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Mecardo's analysis of the March ABARES report notes Australian wheat rose 2.6Mt to 39.19Mt, with NSW production lifted over 1Mt. Barley reached 14.1Mt on record yields and canola hit a record 8.2Mt.
Continued upward revisions point to a large Australian export pool through 2023, supporting bearish pressure on wheat and barley export values. Buyers can anticipate ample origin supply.
mecardo.com.auAngus BrownMar 14, 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.
