A report from the Australian Bureau of Agricultural & Resource Economics & Sciences states that Australia can expect a wheat harvest of 24.5 million metric tons because of dry weather in the key producing regions of New South Wales, Queensland, and northern Western Australia harming crops. The newest projection is down from a June estimate of 25.4 million tons. Exports may reach 19.5 million tons for the year beginning October 1st – down from a June estimate of 19.6 million tons. The decrease in Australian exports may boost global prices which dropped 18% this year on forecasts of increased production from Canada and Russia.
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