In the corn belt on the east coast of Australia there is drought that impedes field crops for the next wheat harvest. Some farmers are waiting for rain to sow, others have already sown because the window of opportunity for optimal sowing closes. If there is no rain for the next two weeks, this will be very important for both camps and thus for the entire wheat harvest in 2019.
Traders have already lowered their forecasts below the first official crop estimate. The government is still expecting 23.7 million tons, the private forecasts are currently at 21.2 million tons. Many observers believe the wheat harvest in Australia will be seven million tonnes smaller than last year.
Text: HANSA Derivatives Trading GmbH /
