Australia expects a large wheat harvest

Australia's ABARES has increased its wheat production forecast for the 2020/21 marketing year by more than 12% due to heavy rainfall on the east coast.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) announced that wheat production will be 29.9 million tons for the year ending June 30, 2021, compared to the June estimate of 26.7 million tons.
"The increased production in New South Wales represented 60% of the projected increase," said Steve Hatfield-Dodds, executive director at ABARES, in a statement sent via email.
The recent heavy rains will also support Australian barley production.
According to the ABARES forecast, barley production in the 2020/21 season will be 11.2 million tons, after an estimate of 10.6 million tons in June.
However, the increase in production is due to the fact that Australian growers face weak export prospects after China imposed 80.5% anti-dumping and anti-subsidy tariffs on Australian barley imports this year, effectively halting billion-dollar trade.
The ban was tightened last week when China stopped imports of barley from Australia's largest grain exporter, a decision that sparked bilateral tensions.
ABARES raised its forecast for rapeseed production from 3.2 million tons in March to 3.4 million tons.

Hansa Terminhandel GmbH
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