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Australia's wheat crop is expected to rise to a record 42 million tonnes according to traders and an analyst, with Western Australia estimated at 16 million tonnes versus earlier expectations of 13 million. Port slots for March and April shipments are almost fully booked, and Chicago wheat futures were set for a weekly decline above 5 percent.
A record Australian crop and fully booked export ports signal heavy supply to Asian buyers, pressuring wheat prices lower amid well-supplied Black Sea competition.
producer.comReuters News ServiceJan 6, 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.
