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In a World Desperate for Wheat, Australia and Argentina Step Up

  • Shortage of the staple has deepened fears over food inflation
  • The two nations set to account for almost 20% of world exports
Harvesting of Wheat as Reports of Chinese Import Restrictions Weigh on Australian Market
Photographer: David Gray/Bloomberg
Updated on

For the second season in a row, the stars are favorably aligned for Australian wheat growers -- a bumper harvest, a shortage of one of the world’s most important foods and global prices near nine-year highs. 

Australia is set to ship 24.5 million tons in the coming season, says Rabobank, or near to the highest quantity ever. And another southern hemisphere country, Argentina, is on track to move out 13.5 million tons, also near to an all-time high, according to U.S. Department of Agriculture data. Together, these two nations are likely to account for almost 20% of world exports this season.