New record for Australia's wheat crop estimates ABARES

The Australian Bureau of agricultural and resource economics and Science (ABARES) estimated the wheat harvest in 2016/17 of the continent today 32,64 million tons. This is 16% more than in the previous year and would be a record crop. The previous estimate was yet to 28,08 million tonnes.
The harvest is now in full swing; It is exceeded the previous record from the year 2011/12 (29.6 Mt) significantly. The great Australian wheat harvest with the already large range of the northern hemisphere should further weigh on the grain prices on the futures exchanges and offer a cheap Asian buyers.
Wheat prices on the CBoT are moving close to their 10-year low, they arrived at the end of August and the offers on the world market to reach record amounts this season. Heavy rainfall on Australia's East Coast were responsible for the record earnings, so ABARES. The Australian East Coast received below-average cereal yields due to drought three years in a row.
From June 1 to November 30, the region had received almost twice as high rainfall as the average of the years. This year, the State of new South Wales on the East Coast with 10.5 million tons will be Australia's largest wheat producer, usually it's Western Australia come together in this season due to frost damage 9.5 million tonnes.
Australia's canola production is estimated this year to 3.58 million tons, in September it was still of 3.63 million tons. The strong rains have reduced the amount of harvest.

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