Western Australia could reap record harvest as crop estimates rise again, GIWA says

Western Australia will produce nearly 1 million metric tons more wheat this season than was expected a month ago, an industry group said on Friday, bolstering expectations for a large Australian harvest that will pressure global prices. The Grain Industry Association of Western Australia (GIWA) also raised its production forecasts for canola by 490,000 tons and for barley by 200,000 tons. “The state is on track to come close to or possibly exceed the 2022 season’s record production,” GIWA said in a monthly crop report. Australia is one of the world’s biggest suppliers of grains and canola, and Western Australia is its biggest export region. Abundant global supply of wheat helped push benchmark Chicago prices to five-year lows this week. ZW1! Western Australia is now set to produce 12.6 million tons of wheat, a record-high 7.3 million tons of barley and 3.8 million tons of canola, GIWA said. That compares to average production over the last five years of 11.2 million tons of wheat, ...