Australian Wheat Crop Estimates Trimmed

Reports earlier in the week of private Australian analysts trimming wheat production estimates in NSW and Queensland due to drought have been backed up by various crop forecasts emerging.

Perth-based group Profarmer Australia say that this years crop will amount to 21.8 MMT, almost 1 MMT below ABARE's latest estimate of 22.7 MMT.

National Australia Bank have also lowered their production estimate this week from 23.2 MMT to 22.5 MMT.

Production prospects in top-producing Western Australia state still look pretty much ideal, and even in South Australia which has been particularly dogged by drought in recent years things are looking pretty good.

The general consensus seems to be that the dust storms that have plagued northern NSW and southern Queensland recently shouldn't have had too much impact on yields, although quality might take a hit.