GIWA raises Western Australian wheat harvest estimate by 495,000 tons
Adds detail and quotes
CANBERRA, Dec 13 (Reuters) -The Grain Industry Association of Western Australia (GIWA) on Friday raised its estimates for wheat, barley and canola production in the state, saying yields from the ongoing harvest had continued to exceed expectations.
Western Australia is one of the biggest cropping areas in Australia, a major exporter of agricultural goods.
Crop yields also exceeded expectations in New South Wales, and the governmentsaid this month it expects a nationwide harvest of 31.9 million tons of wheat, up from 26 million tons in the 2023/24 season and 20% above the 10-year average.
However, widespread rain during harvesting in southeastern Australia lowered the quality of some grain.
Western Australia is now on track to produce 10.825 million metric tons of wheat, GIWA said in a monthly crop report released as the harvest is winding down.
That is495,000 tons more than the 10.33 million tons it forecast for the state last month and around 1.5 million tons more than it predicted in September, when crops were still maturing.
GIWA also raised its estimates for barley production to 5.087 million tons from 4.52 million tons a month ago and for canola to 2.83 million tons from 2.59 million tons a month ago.
The size of the harvest is remarkable considering that relatively little rain fell in Western Australia before and during the growing season, GIWA said.
"Pre-harvest estimates of grain yields for wheat, barley and canola have ended up being well below actual yields. The total tonnage for the state will easily end up being the third largest harvest on record."
Wheat protein levels are low across the state due to dilution from the high yields and barley malt deliveries are lower than in recent years. GIWA said.
The larger-than-expected Australian wheat harvest is coming in at a time when plentiful supply of grain is holding benchmark Chicago futures near four-year lows, though many analysts expect the market to tighten in the new year. Wv1 GRA/
Reporting by Peter Hobson; Editing by Stephen Coates
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
