ABARES sharply raises Australian wheat, barley and canola production forecasts for 2024/25 MY

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), part of the country’s Department of Agriculture, has raised its 2024/25 wheat production forecast by 6.9%, barley by 14% and canola by 5.4% from its December estimate, with winter crop production in Western Australia and New South Wales up 19% and 6% respectively. The forecast for increased production in Australia, the world’s fourth-largest wheat exporter, eases concerns about global supplies and helps to lower prices. According to ABARES, in 2024/25 MY, Australia increased wheat production by 31% to 34.1 million tonnes compared to the previous season (which exceeded the 10-year average by 28% and the USDA forecast in February of 32 million tonnes) and barley by 23% to 13.3 million tonnes (which exceeded the 10-year average by 17%), but reduced canola production by 2% to 5.9 million tonnes (which exceeded the 10-year average by 31%). In December, ABARES forecast that wheat production in the ...