Hopes on a Hat-trick: Australian 2022/23 Winter Crop Outlook – Planting & Prices

Poor production seasons and export constraints around the world are, according to the UN, pushing the world to the brink of a food crisis. In a year of shortages and high prices, global hopes are that Australia delivers a hat-trick of great G&O production in 2022/23, and local hopes are on a hat-trick to secure good margins in a high input cost environment. Total planted hectares in Australia are expected to reach a record 23.83m hectares, exceeding last year’s record by 0.9%. We expect this to include a record 3.6m canola hectares, up 20.9% YOY. Increased canola planting will come at the expense of barley, given Chinese anti-dumping tariffs remain in place, and pulses, which are still stored and unsold in large quantities in northern NSW and Queensland.