December 30, 2008

Australia cuts wheat harvest forecast

The Federal Government of Australia has cut the forecasts for wheat production this year due to the dry weather making yields look less likely to reach projections.

The forecast has now been cut by 11.4 percent to 19.91 million tonnes despite the recent good rainfall.

The revised forecasts by the Australian Bureau of Agricultural and Resource Economics (ABARE) brought the forecast into line with private estimates.

Meanwhile, Russia, China and South America are all enjoying bumper harvests except Argentina which is also suffering from dry weather conditions.