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S&P Global expects Australia's record wheat crop to dominate short-term Asian demand in the first half of 2023. It notes that supplies from Argentina and Ukraine are uncertain and that quality concerns and logistics could limit Australian exports.
A large Australian harvest adds competing supply for Asian buyers, which tends to pressure wheat prices, while feed wheat's price spread to corn may encourage substitution.
spglobal.comDec 19, 2022After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
