A third straight year of drought in Australia, blighted by forecasts of below-av...
SINGAPORE/SYDNEY - A third straight year of drought in Australia, blighted by forecasts of below-average rains during the crucial spring growing season, means the country’s wheat crop could shrivel by 10% from previous forecasts, traders and industry officials say.
Wheat production in Australia could drop below 19 million tonnes, industry participants expect, down from the 21.2 million tonnes estimated by the Australian Bureau of Agricultural and Resource Economics and Sciences in June. But after one of the driest winters on record, Australia’s spring is also expected to be warmer and drier than average, the country’s Bureau of Meteorology said last week.
But while Australia suffers from wheat production downgrades, global output in 2019/20 is expected to climb to a record high of 768.1 million tonnes, according to the U.S. Department of Agriculture estimates. And Black Sea suppliers stand to gain.
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