Australia set to have a fruitful wheat harvest

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Image credit: morgueFile By: bosela

Australia is set to register one of its richest wheat harvests to date following the fruitful wheat return in Western Australia.

Image credit: morgueFile By: bosela
Image credit: morgueFile By: bosela

According to a report issued by the Australian Bureau of Agricultural and Resource Economics and Sciences, the world’s third-largest wheat exporter raised its output estimate to 26.2 million metric tonnes after previous prognosis of 24.5 million tonnes proved to be underwhelming.

This means that Australian farmers will harvest 9.6 million tonnes, instead of 7.3 million tonnes projected in September, according to the report on Bloomberg.

Corn and soybean harvests are also expected to reach record-breaking highs since growing areas are now recovering from last year’s droughts.

As a result of rising supplies, The United Nations’ Food and Agriculture Organization predicts this year’s global food-import to reach $1.15 trillion, which is a 3.2% drop.

Adertisement

“Generally favorable conditions and timely rainfall during spring increased prospective yields, particularly in southern and central Western Australia,” Canberra-based ABARES said in the report.

ABARES further points out August frost as the main reason for the unsuccessful crops in southern Queensland and northern South Wales, and low October temperatures and frost as reasons for low-quality and quantity crops in central and southern New South Wales.

New South Wales is now expected to harvest 6.7 million tonnes and become this year’s second-biggest producer. NSW was projected to harvest 7.2 million tonnes according to the September estimates.

ABARES lowered the estimate for area planted to wheat in Australia from 13.7 million hectares projected in September to 13.5 million hectares.

According to the September predictions, canola was supposed to reach 3.3 million tonnes, but the estimated tonnage has now been upped to 3.4 million.

The September estimated barley output of 7.7 million tonnes has now been increased to 8.6 million tonnes. However, the September forecast said that cotton production will reach 990 000 tonnes. Now, the 2013-2014 cotton production is expected to reach a total of 975, 000 tonnes.