Australia cut its forecast for barley, wheat and canola crops 31 percent on dry weather, adding pressure to shrinking world supplies that have driven up prices.
Total grain output may be 25.6 million metric tons in the harvest starting October, the Canberra-based Australian Bureau of Agricultural and Resource Economics said today in a statement. That compares to its June estimate of 37 million tons and last year's drought-ravaged crop of 15.7 million tons.
Wheat futures rose to within 13.25 cents of last week's record as demand outpaces supply and inventories head for a 26- year low. Australia, vying with Canada to be the world's second- largest exporter of the grain, may harvest 15.5 million tons, the bureau said, down 31 percent from its June estimate....MORE
We're on record, using all our rhetorical powers;
Making Ethanol from Wheat is Stupid.