Australia Sees Massive Wheat Crop Boosting Export Earnings
- Agricultural export earnings poised to hit a record in 2022-23
- Prospect for more supplies may ease poor harvests elsewhere
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Australia, one of the world’s largest wheat exporters, will produce another huge crop this season, which is set to boost agricultural export earnings by almost 50% from a decade ago.
Growers are on track to harvest 32.2 million tons of wheat in 2022-23, just shy of last year’s all-time high of 36.3 million tons, according to government forecaster Abares. That’s up 6.3% from its previous outlook as favorable weather conditions during winter buoyed yield potential across most crops.