Australia raises wheat production forecast by 2.7 million tonnes

Published Sep 3, 2024

Tridge summary

The Australian government has increased its wheat harvest forecast to 31.8 million tonnes, a rise of 2.7 million tonnes, due to recent rains in key growing regions. This makes Australia, the world's third-largest wheat exporter, expected to contribute significantly to global supply at a time of near-record low prices. The forecast also includes an increase in barley and canola production. However, wheat exports are predicted to decrease due to the depletion of stocks from record crops in the early 2020s. Additionally, the forecast anticipates a nearly tripling of chickpea production and a rise in sorghum output, while cotton and rice production is expected to decline.

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

Original content

The Australian government said on Tuesday it expects to harvest 31.8 million tonnes of wheat in the coming harvest, up 2.7 million tonnes from its previous forecast after rains in key growing regions. Australia is the world's third-largest wheat exporter, and a larger crop would boost global supplies at a time when prices are near a four-year low. The government also said Australia would produce about 700,000 tonnes more barley and 100,000 tonnes more canola than it had forecast three months ago. "Winter crop production is forecast to rise to near-record levels in New South Wales and Queensland," the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), part of the Department of Agriculture, said in its quarterly report. Improved conditions in Western Australia mean that yields will be above average, but dry weather in South Australia and Victoria will result in below average yields in those states, the report said. ABARES' wheat forecast is slightly ...

Source: Oilworld