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IKON Commodities projects a third consecutive bumper Australian grain crop in 2022-23, with total grains above 55 million tonnes. Its wheat forecast is 35.7 million tonnes, with barley at 12.54 million tonnes and canola at 6.71 million tonnes.
Flooding prevented some planting in Queensland and New South Wales, but above-average soil moisture is widespread on the east coast.
A large Australian harvest adds to global wheat and barley supply, which weighs on export prices. Wheat and barley supply is tight elsewhere, which limits how far prices can fall.
world-grain.comArvin DonleyAug 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.
