ABARE Cuts Australian Wheat Forecast
The Australian Bureau of Agricultural and Resource Economics (ABARE) Tuesday cut it's forecast for Australian wheat production in the coming season to 22.5mmt from last month's estimate of 23.7mmt.
This is in line with other recent estimates. Last week Australian Crop Forecasters lowered its 2008/09 estimate to 22.6 million tonnes and the USDA dropped it's estimate from 25mmt to 22mmt.
The forecasts are still well above the last two seasons drought-ravaged crop which came in at just 10mmt in 2006/07 and 13mmt last year.
This is in line with other recent estimates. Last week Australian Crop Forecasters lowered its 2008/09 estimate to 22.6 million tonnes and the USDA dropped it's estimate from 25mmt to 22mmt.
The forecasts are still well above the last two seasons drought-ravaged crop which came in at just 10mmt in 2006/07 and 13mmt last year.