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S&P Global reports that Australian wheat has held firm as Black Sea supplies slowly return to Asia after the Black Sea Grain Initiative. ABARES estimates a record 2022-23 Australian wheat crop of 39.2 million mt, up 7.7%.
Buyers have largely avoided Black Sea supplies due to financing and inspection concerns.
A record Australian crop gives Asian buyers ample supply, limiting upside in wheat prices even as Black Sea flows recover. Competition between the two origins caps wheat feed demand.
spglobal.comVivien Tang, Elizabeth ThangMar 20, 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.
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.
