New prediction for Australian grain reaches the second highest numbers ever

Commodity forecaster the Australian Bureau of Agricultural Resource Economics and Sciences (ABARES) has tipped a 51.5-million-tonne national winter crop — 7.4 per cent higher than the most recent prediction in September.

ABARES said New South Wales, after unprecedented drought, was "on the verge" of a record crop, with a forecast production of more than 17.6 million tonnes.

The high yields are due to decent rainfall and growing conditions there, as well as in Victoria and South Australia, meaning winter crops such as wheat, barley and chickpeas had been given a boost.

The problem? Increasing tensions with China may cause growers to seek new buyers apart from the (still) most important partner for Australian exports.