The FAS attache in Canberra expects Australia’s wheat production to fall by 25 percent in 2023/24. This follows three years of record sized crops. Lower prices and drier conditions are the cause. Of the six major wheat exporters, Australia has the highest variation in its production and exports. This is thought to be caused in part by susceptibility to El Niño weather events. The outsized rains of higher world prices of the past couple of years encouraged Australian farmers to plant almost a third more area to wheat in 2022/23 than they did in 2019/20. This year, Russia supplied nearly 27 percent of the wheat traded by the world’s top exporters. However, a caution to importers is that Russia has the second highest volati...

TAGS – Wheat, Australia