Australia’s wheat harvest is in full swing, and expected to be exceptional: 36.6mt as in 2021/22, exports should exceed 25mt again.
In its latest report, the Australian Bureau of Economics and Agricultural Sciences (Abares) raised its estimate for the 2022 wheat harvest to a peak of 36.6 million tonnes, beating last year’s record (36.4 million tonnes).
This upward adjustment is explained by the beneficial rains that fell in recent months: although La Niña caused spring floods in the east of the country, and consequently crop losses, conditions were very favorable for the development of wheat in the south and west. States and dry weather in the last few days allows a stretch Dynamic harvest. In terms of quality, feedback from the field has been somewhat mixed so far.
The rapeseed harvest is also expected to reach a historic high, at 7.3 million tons, and barley production will reach 13.4 million tons, the fourth highest volume on record.
ABARES Australian Standard Forecasts #wheat And #canola crops pic.twitter.com/PgJ9gUTzaz
– MarketAg WA (MarketAg_WA) December 6, 2022
These production levels are very alarming exports Australia in the 2022/23 campaign. According to the USDA, they will reach 26 million tons of wheat (3H world rank) 7.2 million tons in barley (1He is row) and 5.2 million tons in rapeseed (2H rank). Large supplies that come on top of those coming from the Black Sea could affect global prices.