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September 9, 2015

 

Australia's winter rains boost forecast for wheat production in 2015-16

 

 

In a potent El-Nino season, Australia found timely relief in winter rains falling on its key wheat-growing regions, and these helped to lift estimates for local productions of the crop; the figure is now 25.3 million tonnes for 2015-16, compared to the 23.6 million tonnes volume expected in June, according to the Australian Bureau of Agricultural & Resource Economics & Sciences (ABARES).

 

A year earlier, wheat output was 23.7 million tonnes.

 

"New South Wales had very good seasonal conditions over winter and in other states, South Australia and Western Australia, in particular, there was late winter rain that came just at the right time," Peter Collins, the manager for agricultural commodities at ABARES, told Bloomberg. "In spring, that's when it's a critical period for yields."

 

New South Wales, the second largest wheat grower in Australia, may welcome a harvest of 7.2 million tonnes, compared to 6.2 million tonnes estimated in June. A 9.5 million tonnes harvest may occur in Western Australia, also higher than its previous June forecast of 9.3 million tonnes. Certain areas in the state's central wheat-belt had seen the wettest July day on record at the end of the month, the Bureau of Meteorology reported.

 

The USDA predicted that Australian wheat production may reach 26 million tonnes.

 

In the meantime, wheat in Chicago traded at close to a five-year low in September this year, and this could culminate to a third consecutive annual loss due to bountiful harvests and supplies.

 

Wheat, along with other grains, are rising to their highest in inventory volume in 30 years, according to the International Grains Council.

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