# Wet weather masks for wheat - Mecardo

> 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.

- Date: 2022-08-23 · published 2022-08-23T12:00:00.000Z
- Category: weather · region Australia · magnitude low
- Page: https://feedsoft.ai/events/40013-wet-weather-masks-for-wheat-mecardo
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

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.

## Read by commodity

- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2018-04-19 | [Wheat: The weather factor – a contest of wills - Mundus Agri](https://feedsoft.ai/events/65479-wheat-the-weather-factor-a-contest-of-wills-mundus-agri.md) | +0.3% | -1.2% |
| WHEAT | 2021-03-12 | [Wheat flat; set for second weekly drop as US weather improves - Markets - Business Recorder](https://feedsoft.ai/events/5121-wheat-flat-set-for-second-weekly-drop-as-us-weather-improves-markets-business.md) | -0.3% | +0.5% |
| WHEAT | 2021-06-04 | [Weather boost keeps EU, UK on course for bigger wheat harvest - CTRM Center](https://feedsoft.ai/events/46521-weather-boost-keeps-eu-uk-on-course-for-bigger-wheat-harvest-ctrm-center.md) | +1.6% | -1.5% |
| WHEAT | 2023-03-28 | [Changing Weather Patterns Could Favor U.S. Wheat Production](https://feedsoft.ai/events/36936-changing-weather-patterns-could-favor-u-s-wheat-production.md) | -10.7% | -13.9% |
| WHEAT | 2019-04-23 | [Global Wheat Market Outlook For Australian Growers](https://feedsoft.ai/events/59641-global-wheat-market-outlook-for-australian-growers.md) | -4.2% | -0.6% |

## Sources

- mecardo.com.au: https://mecardo.com.au/wet-weather-masks-for-wheat/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.