Economics
Australia Raises Wheat Estimate as Harvest Eases Supply Woes
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Australia, the second-biggest wheat exporter last season, raised its production forecast after farmers completed a harvest that’s helping ease global supply woes amid concerns drought will erode the U.S. crop.
Output is set to reach 22.1 million metric tons in the 2012-2013 year from 22 million tons estimated in December, the Australian Bureau of Agricultural and Resource Economics and Sciences, or Abares, said today. The crop was a record 29.9 million tons in 2011-2012. The bureau maintained its export forecast in the year that started Oct. 1 at 20.9 million tons from a record 24.7 million tons a year earlier, it said.