Tuesday, 03 December 2013
China to "absorb" Australian wheat surplus
The bumper wheat harvest in Australia won't cause price collapse, despite fears of many traders.
- The government of Australia unexpectedly raised estimates of future wheat harvest in the country to the third in volume on record.
- The forecast of wheat production for the season 2013/14 made 26,2 million tons, that is 7% higher than last September estimations. Rains favorable for the harvest became the reason of revision.
- Australian traders report about growing demand on wheat from China which has suffered harvest failure this year.
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Agro2b
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