Rainfall has improved prospects for Australia's wheat crop

StoneX experts raised the forecast for wheat production in Australia in 2024/25 MR from 25 to 30 million tons after favorable rains for crops passed over most of the country, Reuters reports.

It will be recalled that the USDA in July estimated the wheat harvest in the country at 26 million tons.

At the same time, in some areas of Victoria, as well as South and Western Australia, soil moisture in the root zone remains very low, which negatively affects crops. In May and June during sowing, the amount of precipitation was insufficient, so the crops need moisture.