Wheat production in Australia in 2023/24 MY may be reduced by almost 30%

Australian wheat production is expected to significantly decrease in MY 2023/24 due to predicted droughts caused by the El Niño weather event, with a projected 28% annual reduction to 28.2 million tons. The drought is also expected to impact other crops, with barley production expected to decrease by 30% per year to 9.9 million tons, sorghum by 28% to 2 million tons, and canola by 35% to 5.4 million tons. As a result, wheat exports are projected to decrease by 20% per year to 22.5 million tons.