Australia expects to export the least amount of wheat in five years due to a smaller harvest and lower demand by China for the grain, said AgriMoney. The government forecaster ABARES said wheat exports would total 18.1 million tonnes in 2014/15. “The revised forecast represents a decline of 234,000 tonnes year on year and would represent the weakest performance since 2009/10 although still representing a higher number than the 10-year average,” said AgriMoney. Australia is one of the five leading wheat exporters of the world.
In a quarterly forecast, ABARES said farm production would fall from the record levels of last season. It said revenue from wheat exports would fall by 8 percent and overall crop-export earnings would drop by 13 percent.
The ABARES report is available here.