From 'The Australian' online on Tuesday 16 February 2021:Aussie...

From 'The Australian' online on Tuesday 16 February 2021:

Aussie wheat crop set to surge to record 33.34m tonnes

ABARES raised its estimate of national production of winter crops by 7.4 per cent to 55.2 million tonnes in 2020-21, notes CommSec.

“Australia’s wheat crop is expected to surge by a whopping 119.8 per cent to a record 33.34 million tonnes over the period. Chicago wheat futures prices are around the highest level since 2014 at US$636.75 a bushel as Russia curbs exports to protect domestic supplies and cold weather threatens crops in the Northern Hemisphere.

“Agricultural economists are also forecasting that Aussie barley production could increase by 45.5 per cent to 13.09 million tonnes in 2020-21 with canola output up by 73.9 per cent to 4.05 million tonnes.”

Widespread rainfall and improving growing conditions in Australia’s wheat belt are boosting farm exports to grain-hungry China, says Ryan Felsman, senior economist at CommSec.

“Aussie rural exports surged 18.4 per cent in December – the most in 25 years – on the back of a massive 75 per cent lift in the value of cereal exports to $1.15bn. And the lift in export income is set to continue.”