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ABARES' December crop report put the 2022 Australian winter crop at a near-record 62 million tonnes, despite eastern-state flooding. Wheat was forecast at a record 36.6 million tonnes, barley at 13.4 million tonnes and canola at a record 7.3 million tonnes.
Crop abandonment in New South Wales was estimated at about 16% of planted area.
A large Australian winter crop keeps export supply ample and weighs on wheat and barley prices, though eastern-state losses limit how far prices fall.
farmingahead.com.auMark SaundersDec 8, 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.
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.
