WASDE
facciamo attenzione al WHEAT
'Extra low-protein wheat'
The crop which is expected potentially to turn out most bullishly from the Wasde, in terms of estimate revisions, is wheat, with the USDA expected to cut estimates for world supplies to reflect reduced hopes for harvests in Argentina and Australia.
In fact, Australia is getting more of the rain which farmers wanted a couple of months ago, to boost grainfill, but which it now looking more of a threat to quality and harvest progress.
"The current rain event is raising fears that wheat quality may decline," Luke Mathews at Commonwealth Bank of Australia said, if adding that he was "not expecting significant quality issues to surface because of the rain event".
However, already there was a "higher-than-normal quantity of low-protein ASW wheat in northern New South Wales", typically Australia's second-ranked wheat producing state.