Australia brings in the third largest wheat harvest in 30 years

For three years in a row, the Australian wheat crop was a disaster. A dramatic drought reduced yields to a minimum.
This year, however, shortly before the start of summer in the southern hemisphere, things are looking much better with the grain harvest. Farmers are now expecting the third largest grain harvest in 30 years.
In the Black Sea region, i.e. in Ukraine, in southern Russia and in Kazakhstan, in contrast to Australia, a significantly smaller grain harvest than in previous years can be expected. As a result, the world market price for wheat at the CBoT in Chicago rose to a six-year high in recent weeks.
Australia can expect 29 million tons of wheat to be harvested there. That would be 90% more than last year.
This is a blessing for the Australian economy. As in most other economies in the world, the continent is going through an economic crisis and has to go into massive debt in the corona crisis. In the eastern grain belt of Australia the farms are desperately looking for workers. That should lower unemployment in the state of New South Wales.
However, the harvest is not yet from the field.Rainfalls could endanger crops and reduce yields. The harvest began at the beginning of October, but had to be interrupted several times because otherwise the quality would have suffered too much.
Australia Grain exports to Indonesia, Vietnam, Japan, Korea and China could double this year.

Hansa Terminhandel GmbH
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