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ABARES raised its forecasts for Australia's sorghum crop to 2.6 Mt, wheat to 36.3 Mt, canola to 6.4 Mt and barley to a record 13.7 Mt. The March crop report also described summer-crop prospects as excellent after favourable rainfall in Queensland and northern New South Wales.
Larger Australian grain and oilseed supplies add export competition for wheat, barley and sorghum buyers, which is mildly bearish for world prices during a period of tight supply.
graincentral.comGrain CentralFeb 28, 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.
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.
