Australian Wheat Crop Near Record - Abare
The Australian Bureau of Agricultural and Resource Economics, or Abare, say that the nation's 2010/11 wheat crop will hit 25.1 MMT this season.
That's more than 3 MMT higher than they last predicted back in June and within a gnat's chuff of the all-time record of 25.2 MMT. It's also 2 MMT higher than the USDA said on Friday.
It's all down to bumper production in the east, with output in NSW seen at a record 9.9 MMT, whilst production in Victoria will come in at a 27-year high of 3.4 MMT, they say.
Wheat exports will leap to 18.4 MMT, their highest since 1996/97 and 2.4 MMT above the USDA's latest estimate, they add.
Although there are inevitably downside risks to final production, there is also the potential for final output to come in even higher, they enthused.
That's more than 3 MMT higher than they last predicted back in June and within a gnat's chuff of the all-time record of 25.2 MMT. It's also 2 MMT higher than the USDA said on Friday.
It's all down to bumper production in the east, with output in NSW seen at a record 9.9 MMT, whilst production in Victoria will come in at a 27-year high of 3.4 MMT, they say.
Wheat exports will leap to 18.4 MMT, their highest since 1996/97 and 2.4 MMT above the USDA's latest estimate, they add.
Although there are inevitably downside risks to final production, there is also the potential for final output to come in even higher, they enthused.