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Mecardo's analysis of the ABARES December report said national wheat output was forecast at 36.566 million tonnes, up 13.4% on September. Barley was forecast at 12.25 million tonnes, up 9% on the September estimate but still down 3.6% year on year.
Yield gains in South Australia and Victoria offset a downgrade in New South Wales.
A larger wheat crop and a barley crop that still exceeds the prior estimate add exportable supply, which weighs on global feed grain and wheat prices.
mecardo.com.auAngus BrownDec 7, 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.
