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Bumper Wheat Crop Looms Again in Australia on Ample Rains

  • Farmers are optimistic on production as crop planting starts
  • With war in Ukraine, world’s in dire need of Australian wheat
Bloomberg business news
WATCH: Grain prices continue to rally, with corn and wheat prices already surging more than 20% since the start of the war in Ukraine. Source: Bloomberg
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Never mind soaring fertilizer costs or snarled supply chains -- of all the inputs Australian farmers are considering ahead of the next crop, there’s one that matters more than the rest: prospects for abundant rainfall.

Undeterred by lofty prices for many inputs right now, growers Down Under “aren’t really holding back on the area,” according to Thomas Elder Markets grains analyst Andrew Whitelaw, who said months of heavy rain had boosted soil moisture in the east, while Western Australia had also “received a good dump of rain.” With the outlook pointing to another wet season, that’s stirring optimism about production just as seeding kicks off, Whitelaw said.