Australia: Grain and Feed Update
Post has lowered its estimate for Australian wheat production to 22 million MT for 2017/18, due to expectantly poor seasonal conditions across almost all cropping areas. This is significantly below the record harvest of 35 million MT in 2016/17 and 6.4 percent below the revised official forecast of 23.5 million MT. Post has revised the harvested area for wheat to 12.2 million hectares, three percent below the official estimate, due to slow crop development in some regions. Barley production is forecast by Post at 7.5 million MT, 0.5 million MT below the official estimate due to increasingly dry and hot conditions. Post expects sorghum production to rebound to 1.9 million MT due to an increased harvested area and rising prices for alternative crops, such as feed wheat. Post forecasts rice production at 875,000 MT in 2017/18 due to continued water availability and good soil moisture levels. Rice exports are forecast at 0.3 million MT, slightly below the official estimate due to slower monthly exports, with stocks to increase.
