PRIME NEWS@INSTAFOREX Source: mt5/ AUSTRALIAS EXPORTS OF WHEAT SEEN TO FALL TO LOWEST IN 5 YEARS Australian shipments of wheat is likely to drop to a five year low due to the supply limiting effect of dry weather in the planting regions of the fourth largest producer of the commodity in the world, based on government forecasts. The Australian Bureau of Agricultural and Resource Economics said in its quarterly report which was released today that wheat exports for the year that began on July 1st may total only 16.99 million metric tons, the lowest since 2009-2010 and 6.1% down from its previous forecast in September of 18.1 million tons. The country exported 18.3 million in 2013. On the Chicago market, wheat reached its lowest in four years in September behind outlook that global output will reach record levels, but recovered in October due to incoming harsh winter weather in Russia. The forecast for wheat production in Australia was revised down last week from 24.2 million tons to 23.2 million after what the Bureau of Meteorology called the warmest spring on record impacted yields in the country’s eastern region. Futures for wheat with a delivery date in March declined by 0.8% for a price per bushel of $5.9325 late morning Singapore time on the Chicago Board of Trade. Hard red winter wheat with a delivery date in March also retreated by 0.5% to $6.36 per bushel.
Posted on: Tue, 09 Dec 2014 10:24:04 +0000
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