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Australia produces record amount of wheat in 2016/17 season - ABARES
February 13, 2017 / 1:03 PM / 8 months ago

Australia produces record amount of wheat in 2016/17 season - ABARES

SYDNEY, Feb 14 (Reuters) - Australian farmers produced a record amount of wheat during the 2016/17 season, the country’s chief commodity forecaster said on Tuesday, as ideal weather pushed the world’s fourth largest exporter to production levels of more than 35 million tonnes.

Australian wheat output during the 2016/17 season was finalised at 35.13 million tonnes, the Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES) said in its final production report for the season.

The silo-busting supplies from Australia added to bumper global stocks, which pushed benchmark global prices to a 10-year low in August 2016.

The record global supplies has seen the world’s No. 4 exporter losing market share into traditional markets such as Indonesia, and may see Australia carrying larger supplies into next year.

The 2016/17 season marks Australia’s largest ever wheat crop, surpassing the previous record of 29.9 million tonnes in the 2011/12 season.

Australian wheat farmers finished harvesting their crops in December 2016.

Heavy rains in September across much of the country’s largest producing regions saw Australian wheat production rising nearly 11 million tonnes from that recorded during the 2015/16 season, ABARES said. (Reporting by Colin Packham; Editing by Gopakumar Warrier)

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