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Mecardo analyst Angus Brown reports Australian wheat futures slipped below A$400/t as bumper crops in Australia and Russia weighed on SRW futures. He notes the weaker US dollar and the pre-war price levels, and discusses hedging for 2023-24 supply.
A large Australian and Russian crop with a weaker dollar keeps export wheat cheap, supporting lower feed-wheat costs for importers in the near term.
mecardo.com.auAngus BrownJan 31, 2023After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
