Abares estimates lower wheat prices compared to the previous year (Abares) Australian Department of agriculture in its latest forecast for the year 2016/17 of them assumes that high global inventories and good harvests in major exporting areas will lead to an above-average supply situation on the wheat market. Despite slightly declining wheat production compared to the previous year to fall behind global demand behind the production. Abares below prior-year estimates the global trade volume . The variety of HRW wheat prices forecast the Ministry on rd. $190 per t free port in the Gulf of Mexico. The price was in the expiring year rd. $212 per t. Abares the Australian wheat crop estimated at 24.5 million tonnes or about 5% higher than last year. The area under cultivation turns out results in smaller. Favorable rainfall in the Eastern and Western cultivation centres can expect above-average yields. The La Niña weather is known for that over the whole growing season adequate rainfall, but a remaining uncertainty should be considered. In accordance with the U.S. Department of agriculture, Abares estimates an export volume of approximately 17.2 million. t or an increase of 4%. This is the highest amount since 3 years. The deliveries will be expected to be less than to China, because the Chinese inventories grow again. Other importing countries to step in for it. The export is supported by low freight rates, so that even more distant countries of imports can be controlled.
