Australia's Bumper Wheat Forecast Lifting Its Economic Hopes Amid Pandemic

Sydney, AUSTRALIA — Lifted by recent rains that ended a three-year drought, Australia's bumper wheat harvest forecast is energizing its suffering agricultural sector through super-charged tractor sales and more lending, according to a Reuters report.

The mid-season crops in some of Australia's major eastern grain-growing areas are as lush as some industry veterans can remember, representing one of the few bright spots in the country’s pandemic-affected economy.

Australia was one of the top four global wheat exporters before the unrelenting drought started slashing production.

The country’s chief commodity forecaster recently lifted its wheat production forecasts for 2020-21 to 26.7 million tonnes, more than 75% above the prior year’s level and the highest since Australia’s record 35.13 million tonnes in 2016–17.

To read the full story, click here.

Related Articles:

USDA Weekly Weather and Crop Bulletin (July 28): Widespread Rain Leaves Much of the West High and Dry

U.S. Sorghum Prices Rally with China’s Return to the Market

Bunge Reports Earnings of $516 Million in 2Q, Raises 2020 Outlook