Australian wheat crop downgraded 9.5 percent to 21.0 million tonnes
Dry weather has forced a 9.5 percent downgrade in an Australian wheat production forecast to 21.0 million tonnes from a previous estimate of 23.2 million tonnes, according to analysis issued Monday by Citigroup Global Markets.
It said recent drying across the southern acreage has seen a deterioration in crop expectations for the region with South Australia and Victoria (states) the hardest hit.
If the latest forecast comes to pass, output will be well up from last year's drought-affected crop of 13.0 million tonnes.
Citigroup Global Markets estimate for industry expectations is around midpoint which sits within a range of 19 million-23 million tonnes, about two-thirds of which would be available for export, making Australia a major supplier to the global trade.