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Abares forecasts Australia's 2022-23 wheat crop at 32.2 million tons, up 6.3% from its previous outlook but just below last year's record 36.3 million tons. The forecast reflects favorable weather during the growing season.
A large Australian wheat crop adds export supply that tends to pressure world wheat prices, supporting cheaper feed wheat options for buyers.
bloomberg.comSybilla GrossSep 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.
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.
