Australia Wheat Exports Seen Climbing as World Prices to Decline
- World wheat indicator price forecast at lowest since 2004-05
- Large global reserves to cushion impact from lower output: IGC
A field of wheat awaits harvesting near Balliang, south west of Melbourne, Australia on Thursday, Jan 19, 2012.
Photographer: Carla Gottgens/BloombergWheat shipments from Australia may rise 2 percent next season as output increases, adding to ample global supplies that may push prices down to the lowest in more than a decade, according to the nation’s agricultural commodities forecaster.
Exports from the world’s fifth-biggest shipper may increase to 17.3 million metric tons in the year starting July 1, the Australian Bureau of Agricultural & Resource Economics & Sciences said in a report. That compares with 16.9 million tons a year earlier, it said. Production may total 24.5 million tons in 2016-17 from 24.2 million tons, the bureau said, giving the first estimate for the crop to be planted from April.