Agricultural market analysts in Australia expect a 40% larger wheat harvest in the coming year. The rains in recent weeks would encourage many farmers to grow more grain.
The analysis agency ABARES estimates that the wheat harvest 2020/21 will reach 21.3 million tons. The last harvest was only 15.17 million tons because of drought and drought that hit the continent's east coast for several years.
Farmers will probably grow 12 million hectares of grain, after 10.1 million hectares in the previous year. However, it is still too early to present concrete figures, because one does not know how the weather works.
If ABARES 'forecast were confirmed, it would surely depress grain prices around the world. These rose to a two-month high in February after ABARES again reduced its harvest estimate. Australia is one of the ten largest grain exporters in the world.
Source
HANSA Terminhandel
