Australia has raised its 2022/23 wheat harvest forecast to a record level
Wheat
Australia
Published Mar 8, 2023
Tridge summary
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 production in the 2022/23 FY should reach a record 8.3 million tons, which will exceed the previous record of 6.8 million tons in the 2021/22 season by 21%. However, in FY 2023/24, the canola harvest will decrease to 5.4 million tons due to dry weather.
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 ...
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