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Australian farmers are expected to plant a record 23.83 million hectares this winter, up 1% on last year, according to Rabobank's winter crop outlook. Wheat plantings are up 1.4% and canola is up sharply.
A record Australian planting raises expected export supply, which is bearish for wheat and canola, though the Guardian piece frames it as offering little relief to farm costs.
theguardian.comPeter HannamMay 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.
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.
