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Good rainfall and favourable conditions across much of Australia have led to significant upgrades in grain crop forecasts, contributing to domestic price declines. USDA raised its 2022/23 Australian wheat forecast to 33mmt, while a local commodity trader estimates 31.7mmt.
Parts of central west New South Wales face flood damage and possible yield losses of up to 50% in the worst-hit areas.
Larger expected Australian wheat supplies add to export competition and push prices lower. Localised flood losses in New South Wales are the main upside risk to that outlook.
mecardo.com.auAdrian LadaniwskyjAug 23, 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.
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.
