Tridge summary
The US Department of Agriculture has revised down its projection for Australian wheat exports in the 2023-24 marketing year to 21 million tonnes due to lower projected beginning stocks. However, barley exports are expected to increase slightly to 5.5 million tonnes, driven by uncertain Ukrainian export logistics and the expected reinstatement of trade flows with China. The decrease in barley planted areas and increase in wheat planted areas are contributing factors to these changes.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The US Department of Agriculture’s Foreign Agricultural Services (USDA FAS) has revised down its projection for Australian 2023-24 wheat exports, while raising slightly its forecast for barley exports. The USDA FAS has revised Australian projected wheat exports for the 2023-24 marketing year (October-September) down by 2mn t from its previous estimate in April to 21mn t. This was partially driven by lower projected beginning stocks at 3.84mn t compared with 4.35mn t expected previously, following higher estimates for the country’s 2022-23 wheat exports at 31mn t, up by 1mn t from April’s projection. The USDA FAS maintained its projection for Australia’s 2023-24 wheat production at 29mn t, in line with the official USDA forecast. This is 10pc higher than the previous 10-year average owing to large harvested areas — at 12.8mn hectares (ha) — and a good start to the planting season owing to strong soil moisture levels, but this is 10.7mn t below the current year’s output. Wheat is ...
Source: UkrAgroConsult
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