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Lucas Group reported ABARES' quarterly forecast of 36.6 million tonnes of wheat, up 14% on the previous estimate and likely a record. Canola was forecast at 7.3 million tonnes, above last year's 6.8 million tonnes.
Barley was forecast at about 13.4 million tonnes despite lower plantings, as farmers shifted to wheat and canola.
Record Australian wheat and canola output expands export supply and is likely to pressure world wheat prices, while lower barley plantings limit the feed-grain impact.
lucasgroup.com.auThe Lucas GroupDec 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.
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.
