Australia may overlap 10-year wheat production and exports

The US Department of Agriculture's (FAS USDA) External Service has revised its forecast for Australian wheat balance sheets 10 days after the USDA's July report. According to the Grain On-Line agency with a link to the FAS USDA website. Thus, compared with the official forecast, the USDA has increased by 1 million tons to 27 million tons, the figure for the production of Australian wheat in the 2020/21 season. That's 77.6% more than the 2019/20 production and 14% more than the 10-season average production. The reason for the revision of the forecast was the further improvement of weather conditions in the eastern states of Australia in July. Domestic (fodder) consumption of wheat will decline due to positive climate change. After two dry seasons, pastures are being restored and the need for compound feed is decreasing. Growth in wheat production, combined with a decrease in domestic consumption, will allow Australia to export 17.5 million tons in the 2020/21 season, according to FAS USDA experts. This is in line with the USDA official forecast, 90.2% more exports for the 2019/20 season and 4.1% more than the 10-season average for exports