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Rabobank forecasts Australia's 2022/23 winter crop area at a record 23.83 million hectares, up 1% year on year, with wheat up 1.4% and canola up 20.9%. Barley and oats plantings are forecast lower, and the bank cautioned that yields remain uncertain given late planting and wet conditions.
A large Australian winter crop would add export supply into a market short of Black Sea grain, which is bearish for wheat and canola, though yield risks from wet, late planting limit the price impact.
theqldr.com.auMay 31, 2022After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% 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.
