Wheat Crop Seen Falling Short in Australia on Frost, Hail Damage – Bloomberg.
Australia’s wheat harvest may drop short of a government forecast after frost and hail damaged crops in the world’s fifth-biggest shipper. Futures climbed to a six-week high.
Production may total 23.2 million metric tons in 2014-2015, according to the median of five analysts and trader estimates compiled by Bloomberg News. That compares with a government forecast of 24.2 million tons and 27 million tons a year earlier. Farmers started harvesting the crop this month.
Wheat futures in Chicago tumbled 12 percent this year on speculation farmers worldwide will reap record crops. Increased supplies of grains are helping to pressure global food prices, with a United Nations’ index dropping for a sixth month in September, the longest slide since 2009. Disappointing rain in winter and early spring across many Australian grain-growing regions as well as reports of frost damage are weighing on expected yields, according to National Australia Bank Ltd.
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