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Aussie winter crop production forecast for record high

Xinhua, December 6, 2016 Adjust font size:

Australia's winter crop yield is set to rise by 32 percent in the 2016-2017 period to a record high of 52.4 million tonnes, latest figures from the Australian Bureau of Agricultural and Resource Economics and Sciences showed.

Above average rainfall in September, followed by mild spring conditions, had ensured good soil moisture for the critical grain development period, Acting ABARES executive director Peter Gooday said in a media release on Tuesday.

"Wheat production in 2016-17 is forecast to rise by 35 percent to a record high of 32.6 million tonnes," Gooday said.

Some regions had been hard hit by seasonal conditions this year but "total production is forecast to be higher in every state."

Total summer crop production was also set to grow by 21 percent to about 4.6 million tonnes in 2016-17, he said.

Mecardo grains analyst Andrew Whitelaw told Xinhua that prices could still be depressed even with the bumper crop yields.

"What we'll see is that the difference between local prices and futures prices is liable to have some downward pressure. Our local price in Australia, having such a big crop, will come under pressure."

Getting big yields out of the country by next year, on top of stocks from the previous year, "is not that promising for prices," he said.

"It's simple supply and demand; there's a lot of grain and if you're a buyer, you're not going to be in a rush to buy." Endit