Australia’s January crop exports confirm shift to wheat

Published 2023년 3월 9일

Tridge summary

In January, Australia saw a significant increase in crop exports, with wheat dominating and hitting a record high of 3.34 million tons, a 26% increase from the previous year. This surge was largely driven by strong demand from China, the largest buyer with 28% of the total, as they capitalized on low global prices and high local prices leading to increased consumption with relaxed Covid restrictions. While wheat exports surged, barley and canola shipments remained steady at 4.5 million tons total. Despite a drop in January, barley exports are expected to rebound in February and March due to high global corn prices. Canola exports were also steady, with the European Union being the main buyer.

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

Original content

Australian crop exports in January confirm that wheat cargoes are increasingly dominating vessel line-ups after exports of all three main crops — wheat, barley and canola — hit record highs in December. Australia shipped a record 3.34mn t of wheat in January, latest data from the country’s statistics office ABS show, representing a 26pc increase on the year and well above previous monthly records for wheat of around 2.6mn-2.8mn t/month. Demand from China drove the surge in wheat exports. Chinese buyers took 945,000t, or 28pc of the total. China is understood to have low wheat stocks at present and importers have taken advantage of a dip in global prices heading into the second half of the northern hemisphere’s marketing year to build stocks. Domestic availability fell in January-February — local Chinese wheat prices reached the highest premium to corn for the past three years — and after a gradual slide in prices since then, the country’s wheat consumption has started to recover, ...

Source: UkrAgroConsult