Australia: Wheat harvest 2019/20 at 12-year low

Australia's 2019/20 wheat harvest will be the smallest harvest in the past 12 years, according to ABARES estimates. In December, ABARES announced that it had a volume of 15.17 million tons. The severe drought on the east coast weighed heavily on the wheat stocks and led to the smallest harvest since 2008. On January 22, wheat futures in Chicago reached a new 18-month high. Australia is one of the ten largest grain exporters in the world. As a rule, wheat exports contribute around 2% to the country's gross domestic product.