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Australian wheat yield prospects are strong, with unofficial estimates putting the Queensland crop above the 2008-09 record of 2 Mt. Buyers of new-crop wheat are largely staying out of the market as harvest starts.
La Niña could slow harvest and haulage, but large stocks in New South Wales and Western Australia provide a buffer.
A large Australian crop and cautious buying weigh on export prices for wheat and barley, while La Niña weather risk to harvest logistics is a short-term offset.
ukragroconsult.comSep 29, 2022After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
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.
