Source: APKinform (Ukraine)
Market participants estimate that Australia will harvest 2 million tons more wheat in MY 2024/25 than was announced by government authorities in December (31.9 million tons) during the end of harvesting, Reuters reports.
Thus, current estimates of local analysts of the harvest range from 32 to 35.5 million tons. It is noted that the reassessment was facilitated by high yield results in Western Australia, one of the largest growing regions of cereals, which significantly exceeded expectations.
Accordingly, the forecast for Australian wheat exports in 2024/25 MY is also raised from the previously expected 22 million tons to 24 million tons.