Another dry summer will cause damage to the future crop of Australian wheat. According to the forecasts ABARES, Rabobank and Australian Crop Forecasters, harvesting wheat in the new season is expected in the range of 18-22,1 million tons with the average for the previous 5 years 23.22 million tonnes. The Agency said Grain Online, citing Reuters news Agency.
The export of Australian wheat is expected to reach 11-12 million tons with the average for the previous 5 years 15.92 million tons.
The proportion of Australian wheat in the largest market – Indonesia has decreased from almost 58% in 2015. up to 31% in March 2019. At the same time, the share of Ukraine and Russia in the same market increased with respectively 9% and 3.5% in 2015. up to 21% and 14% for March 2019. Australia's position undermine high domestic prices, reducing export capacity, improving the quality of black sea grain. The recognition of the Argentine Asian wheat importers also put pressure on Australia's position.
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Translated by service "Yandex.Translation"
