NAB Upgrades Ozzie Wheat Crop

The National Australia Bank have upped their 2010 wheat crop estimate for the nation to 23.8 MMT. That's up from 23.1 MMT a week ago and 22.4 MMT a month ago.

Although still falling some way below ABARE's recent 25.1 MMT estimate, it indicates that crop potential is clearly moving in the right direction despite drought in Western Australia.

They went on to say that ABARE's estimate "certainly is possible" but it is "too early to call" a crop of that size, which would be within a whisker of Australia's all-time record wheat output.