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Australia’s January crop exports confirm shift to wheat

Updated Mar 9, 2023
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, with rising demand from millers as Covid restrictions relax and the country’s schools reopen. Markets across southeast Asia were also key outlets for Australian wheat in January, with Indonesia taking ...
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