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ABARES raised its forecast for Australia's 2022-23 winter crop to 32.2 Mt wheat, 12.3 Mt barley and 6.6 Mt canola, up from June estimates of 30.3 Mt, 10.9 Mt and 5.6 Mt. The national winter crop is now forecast at 55.5 Mt.
A larger Australian harvest adds export supply just as global wheat, barley and canola tightness eases, which is bearish for those prices and cheaper for feed buyers sourcing barley and canola meal.
graincentral.comGrain CentralSep 5, 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.
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.
