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Australian growers are roughly one-third to halfway through winter-crop sowing, with canola mostly planted and wheat and barley following. Consensus area estimates for wheat rose above ABARES' March forecast amid strong prices after Russia's invasion of Ukraine.
Larger expected Australian wheat and canola area adds to future export supply at a time of tight Black Sea flows, a modestly bearish factor for wheat and canola prices over the longer term.
graincentral.comLiz WellsMay 9, 2022After 334 past bearish weather events, WHEAT 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.
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.
