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Rabobank projects a record 23.8 million hectare Australian winter planting and a third straight above-average harvest, with 2022/23 wheat exports estimated at 26 million tonnes. Chicago futures are up nearly 50% since the start of the year on Black Sea and weather shortfalls.
Expected large Australian wheat exports, especially into Southeast Asia, add supply that could ease tightness in world wheat markets, though the harvest arrives months away.
businesstimes.com.sgMay 31, 2022After 1,006 past bearish report events, Wheat (SRW) 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.
