Australia Cuts Wheat Outlook on Dry Weather, Exports to Drop

Australia reduced its wheat production forecast after dry weather in the biggest producing states harmed crops, curbing supplies available for export from the world’s third-biggest shipper.

Farmers are set to harvest 24.5 million metric tons in 2013-2014 from 25.4 million tons estimated in June and 22.1 million tons a year earlier, the Australian Bureau of Agricultural and Resource Economics and Sciences said in a report today. Exports may reach 19.5 million tons in the year starting Oct. 1, down from 19.6 million tons predicted in June and 19.8 million tons a year earlier, it said.