Forecast of harvests of wheat and barley in Australia increased
the Australian Agency ABARE has increased its estimate of wheat production in season 2017/18, compared with the December forecast by 4.8% to 21,244 million tonnes, which is by 38.2% to give the figure of the previous MG.
States where wheat is grown, in one way or another affected by drought. But most of all in comparison with the previous season, production declined in the States of New South Wales (58%) and Queensland (62%).
the Forecast of barley production in comparison with the December report increased 11.7% to 8,928 million tonnes, which is 33.5% lower than in the 2016/17 season.
Assessment of production of rapeseed – canola relative to the December forecast is improved by 28.6% to 3,669 million tons, which is 4.9% will yield a crop 2016/17 MG.
forecasts for a decline of gross yield of wheat in Australia and Canada in the autumn were the main drivers of growth of the world prices, but the actual harvest in both countries were higher than expected, which reduced pressure on prices.