From Reuters via Hellenic Shipping News, January 9:
Australia set for record 42 mln T wheat crop as harvest wraps up -traders
Australia wheat production is expected to rise to a record 42 million tonnes as results from the final phase of harvest show higher yields in the world’s second-largest exporter of the grain, traders and an analyst said.
Higher Australian wheat output comes at a time of stiff competition from the Black Sea region, where all-time high output in Russia is keeping the global market well supplied. The benchmark Chicago wheat futures Wv1 are on track for a weekly decline of more than 5%, the biggest in six months.
“We are getting monster yields,” said Phin Ziebell, agribusiness economist at National Australia Bank. “Western Australia has performed very well.”
Western Australia, the country’s biggest wheat exporting state, is estimated to produce 16 million tonnes of wheat as compared with earlier expectations of 13 million tonnes, said one Sydney-based trader....
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