Australia has raised its 2022/23 wheat harvest forecast to a record level

Published 2023년 3월 7일

Tridge summary

Australia's agricultural research agency, ABARES, has revised its forecast for wheat production in the 2022/23 financial year, raising it to a record 39.2 million tons from the previous estimate of 36.6 million tons. This is in line with market expectations that the harvest could surpass 40 million tons, due to increased yields caused by La Niño rains. The country's barley production is estimated at 14.1 million tons, while canola production is expected to reach a record 8.3 million tons. However, the canola harvest projection for the 2023/24 financial year has been reduced to 5.4 million tons due to dry weather.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to Reuters, experts at ABARES raised their forecast for wheat production in Australia, the world's main grain exporter, in FY2022/23 to a record 39.2 million tons. The agency's previous December estimate was 36.6 million tons, which would also be a record. The increase in the forecast brings the agency's data closer to market estimates, according to which the harvest may exceed 40 million tons, as rains caused by the La Niño climate phenomenon have significantly improved wheat yields. Barley production in the country in FY 2022/23 is estimated at 14.1 million tons, which will be the third largest historical indicator. However, for 2023/24 MY, ABARES experts lowered the harvest estimate to 9.9 million tons. Canola ...

Source: Graintrade