Australia's wheat harvest prospects improve with favourable weather conditions

Australia is expected to harvest more than 31 million tonnes of wheat in the upcoming season, beating initial forecasts by around two million tonnes and marking a significant increase over 2023/24 production. Recent rains in key producing regions have boosted yield prospects, analysts say. As the world’s third-largest wheat exporter, Australia is poised to influence international prices, which are already near four-year lows. A survey of ten analysts and traders in Australia and Singapore found that estimates for the 2024/25 season range from 30.25 million to 36 million tonnes, with a median of 31.1 million tonnes. This is up from the Agriculture Ministry’s previous forecast of 29.1 million tonnes in June and the 2023/24 season’s production of 26 million tonnes. The ministry’s latest ...