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Basis Commodities' weekly crop update reported Australian harvest progress, with Queensland over 80% harvested and New South Wales near 33%. Grain quality is highly variable, and yields in Western Australia are very good.
The firm said the global wheat market has weakened and that new-crop prices reflect that softness.
Strong Western Australian yields and a weaker global market add to export supply and press wheat values, while the quality mix affects which grades can command premiums.
basiscommodities.comBasis CommoditiesDec 6, 2022Not 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.
