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A Clear Grain Exchange commentary reviewed the ABARES December report and the USDA WASDE. It noted ABARES' 62.025 million tonne winter crop, and that USDA adopted Australian production figures and cut Argentine output while raising Russian output.
Projected major-exporter wheat ending stocks were about 53 million tonnes, down 5 million year on year.
Tighter projected exporter stocks support wheat prices even with a record Australian crop, so the net effect depends on whether Russian supply gains are realised.
farmonline.com.auNathan Cattle, Clear Grain ExchangeDec 16, 2022After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
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.
