WASDE: Australian wheat production estimates rise

Australian wheat production estimates have lifted, a new international report has found. See how other countries fared.

On the rise: Australia’s wheat production is set to rebound following two years of drought.

AUSTRALIAN wheat production estimates have lifted two million tonnes this month compared to last, according to a new international report.

This month’s World Agricultural Supply and Demand Estimates report – released today – has forecast Australia’s wheat production to rebound following two years of drought, with volumes for 2020-21 predicted to hit 26 million tonnes.

This is compared to estimates of 24 million tonnes last month.

India’s crop is also anticipated to be “record large” and is raised 4.2 million tonnes.

Overall, world wheat supplies are lifted 5.7 million tonnes on a 4.9 million tonne production increase and higher beginning stocks, the report said.

Global exports are expected to rise 900,000 tonnes to 188.9 million tonnes and this is led by Australia’s increase.

However, the report indicated exports were lowered 1.5 million tonnes for Ukraine and 500,000 for the European Union “both on smaller crops”.

With increased supplies and global use lowered, world ending stocks are raised six million tonnes to a “record-high” of about 316 million tonnes, with China and India accounting for 51 per cent and 10 per cent of the total.

For coarse grain production, the global 2020-21 forecast is lifted 3.2 million tonnes to about 1484 million.

Australia’s coarse grains are expected to reach 13.66 million tonnes, compared to 12.71 million tonnes last month.

But Australia’s barley exports are lowered, due to an estimated reduction in imports for China on the back of the country implementing 80 per cent tariffs.

Meanwhile the EU’s canola production predictions are reduced with yields in Germany lowered to 200,000 tonnes to 16.8 million tonnes.

However the EU reduction is offset by higher Australian canola production.

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