# Taking El Niño protection - Mecardo

> 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.

- Date: 2023-01-31 · published 2023-01-31T12:00:00.000Z
- Category: weather · region Australia · magnitude low
- Page: https://feedsoft.ai/events/37823-taking-el-nino-protection-mecardo
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

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.

## Read by commodity

- WHEAT: bearish ▼
- AUDUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-05-30 | [The spectre of El Niño - Mecardo](https://feedsoft.ai/events/35988-the-spectre-of-el-nino-mecardo.md) | -4.0% | +9.3% |
| WHEAT | 2021-05-13 | [El Niño/La Niña Update (May 2021)](https://feedsoft.ai/events/46985-el-nino-la-nina-update-may-2021.md) | -1.8% | -4.6% |
| WHEAT | 2019-05-24 | [Strong El Niño this year appears unlikely](https://feedsoft.ai/events/59007-strong-el-nino-this-year-appears-unlikely.md) | -12.2% | -6.1% |
| WHEAT | 2020-10-07 | [La Niña's Mixed Blessing: For Australia, a 90% Jump in Wheat Production](https://feedsoft.ai/events/50566-la-nina-s-mixed-blessing-for-australia-a-90-jump-in-wheat-production.md) | +0.4% | -0.1% |
| WHEAT | 2019-06-05 | [U.S. grains: Futures plummet on Midwest weather, profit-taking - Grainews](https://feedsoft.ai/events/8688-u-s-grains-futures-plummet-on-midwest-weather-profit-taking-grainews.md) | +3.5% | -4.0% |

## Sources

- mecardo.com.au: https://mecardo.com.au/taking-el-nino-protection/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.