Record Wheat Harvest in Australia Now Seen Over 5% Bigger
- Bumper output needed to ease strained global grain markets
- Hard to believe that prices won’t be higher for longer: Abares
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Australia’s record wheat production this year is now estimated to be even larger than expected after mostly favorable weather, helping to ease global shortages caused by drought and the war in Ukraine.
The harvest in one of the world’s biggest exporters is seen at 36.3 million tons, about 5.5% more than predicted in late November, according to a report from government forecaster Abares. Some private forecasters have gone even higher, with IKON Commodities estimating the crop at 39 million tons.