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Zawya, republished by Ukragroconsult, reported ABARES forecasts of a 62 million tonne winter crop, the second-highest on record, and wheat of 36.6 million tonnes, a 1% increase on the previous record. Barley was forecast at 13.4 million tonnes and canola at a record 7.3 million tonnes.
Summer crop planting is expected to fall 9% because of flooding, especially cotton and rice.
Record Australian wheat and barley supplies add to global export competition, while the flood-driven cut in summer crop plantings may reduce rice and cotton-based feed supplies.
ukragroconsult.comDec 6, 2022After 1,006 past bearish report events, WHEAT 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.
After 88 past bullish report events, RICE moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +2.1%), and +2.5% 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.
