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Australia is poised for a second consecutive bumper wheat harvest, as farmers have planted crops in perfect growing conditions, which has eased some worldwide concerns, pushing global prices to multi-year highs last month.
Extensive rainfall in the main growing state before planting in April and May increased the soil moisture required for seed development, although it remained for several months until the time of the most important crop development later this year.
“We have to see how the winter weather goes,” said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne. “As of now, we are looking at above-average crop.”
Looking ahead, Australia’s east coast and south coast are on course for favourable crop weather, according to forecasts from the country’s weather bureau.
There is an 80% chance of a more-than-average rainfall in New South Wales and South Australia over the next three months, Australia’s Bureau of Meteorology said last week.
Australia’s largest wheat-producing state – Western Australia – is expected to record average rainfall.
The outlook will boost already strong conditions on both coasts, analysts said.
“Soil moisture in New South Wales is above average, and in some parts it’s at the highest point in 10 years,” Cheryl Kalisch Gordon, grains analyst at Rabobank, said.
“In Western Australia, Cyclone Seroja left a trail of destruction when it struck the northern wheat belt, damaging major farming infrastructure. A consolation was that farmers received 50 mm of rain, which kickstarted the season.”
A bumper Australian wheat harvest is likely to ease supply concerns among key importers in Asia and the Middle East. Find more.
Source: Online/SZK
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