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ABARES's latest crop report put Australia's wheat harvest at about 36.3 Mt, around 5.5% above earlier forecasts. Growers in parts of Victoria and New South Wales reported quality downgrades from wet weather, and flooding in Queensland could affect sorghum.
A larger-than-expected Australian wheat crop adds export availability while Black Sea supply is constrained, which is bearish for wheat. Flood risk to sorghum could partly offset that for sorghum buyers.
graingrowers.com.auMar 1, 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.
