Thanks to the rain, the wheat harvest in Australia increased by several million tons

Sustainability & Environmental Impact
Market & Price Trends
Published Oct 26, 2023

Tridge summary

Recent rains in Australia's wheat-growing areas will increase yields and add several million tonnes to the crop, offsetting losses in Argentina and Canada. This boost in global supply is expected to put downward pressure on wheat prices. The forecast for wheat production in Australia has been raised to 26-28 million tonnes.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Recent rains in Australia's key wheat-growing areas are likely to boost yields, adding several million tonnes to a crop hit by dry weather and boosting the outlook for global supply, analysts said, Nasdaq said. Follow the news in a convenient format: Follow us on Twitter A larger crop in Australia will help offset crop losses caused by dry conditions in Argentina and Canada, putting downward pressure on Wv1 wheat prices. Rain in many southern regions raised the wheat crop forecast to 26 million metric tons from 23 million tons a few weeks ago. Ole Hau of agricultural brokerage IKON Commodities forecast wheat production at 28 million tonnes, down from a forecast of less than 25 million tonnes a month ago. Rabobank analysts said they expected Australia to harvest 26.9 million tonnes of wheat. It will be recalled that in 2023, the world grain production will increase by 1% and reach 2,813 million tons, the Food and Agricultural Organization of the United Nations (FAO) informed. ...
Source: Landlord
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