◂ Event Timeline

Jan 28, 2023REPORTAustralia

USDA sees little change in Australian, Canadian wheat output

USDA's Canberra attaché pegs Australia's 2022-23 wheat crop at 37 million tonnes, 400,000 tonnes above the official USDA figure and above ABARES' 36.6 million. The attaché also raised exports to 28 million tonnes and trimmed domestic use, while the Canadian estimate was virtually unchanged.

WHY IT MATTERS

A higher Australian crop and export forecast adds to world wheat supply, which is bearish for wheat prices and benefits feed-grade buyers with more origin options.

AFFECTSWHEAT▼

SOURCE
grainews.caGFM Network NewsJan 28, 2023

Price reaction & history

WHEAT▼bearishSO FAR1d +3.3%5d +3.4%20d +1.2%

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.

Jul 28, 2026Australian wheat output revised higher | World Grain-1.0%
May 13, 2025USDA forecasts Australian new-crop wheat at 31Mt - Grain Central-4.2%
Oct 25, 2022USDA Sees Australian Wheat Crop at 34 Million Tons | KQLX-5.1%
Jun 8, 2022Australian wheat, canola getting a boost | World Grain+1.2%
Mar 4, 2019Australia’s 2019-20 wheat output forecast higher | 2019-03-04 | World Grain+0.7%

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 ▸

——— · ·

Loading…