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Australia is on track for a third consecutive record grain crop, with wheat estimated at a record 37 million tonnes for 2022-23 according to a USDA GAIN report. Excess rain in New South Wales and Victoria has downgraded quality and raised expected feed-grade wheat volumes.
Wheat exports are forecast at a record 28 million tonnes.
A record Australian wheat crop and export volume adds supply to a market already well supplied by Black Sea output, which is bearish for wheat prices and pressures feed-grade wheat values for buyers.
world-grain.comJohn ReidyJan 30, 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.
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.
