World: Wheat quotes started the week with a fall of 2.3-3.3% on forecasts of an increase in the harvest in Australia
Wheat
Published Dec 7, 2022
Original content
Wheat quotations on world exchanges yesterday fell by 2.3-3.3%, and in general for the week - by 4.3-8.4% against the background of a decrease in demand for American and European wheat and an increase in the forecast of the harvest in Australia. According to the estimates of the federal agency ABARES, despite severe floods in the east of Australia, wheat production in 2022/23 will reach a record 36.6 million tons, which will exceed the previous record of 2021/22 by 1% and 2 million tons - USDA forecast. Statistics Canada reported that 33.8 million tons of wheat were harvested in the country in 2022, which is inferior to the September forecast of 34.7 million tons, but is 52% higher than last year's figure. The market has yet to react to the data as it awaits the USDA's updated balance sheets due out on December 9. It is expected that they will increase the production forecast for Australia and the Russian Federation and decrease it for Canada and Argentina. Exports of wheat from ...
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