News last update:6 Aug 2012

USDA cuts Australian wheat estimate

The US Department of Agriculture (USDA) has cut its 2006/07 Australian wheat crop estimate by 500,000 tonnes to 10.5 million tonnes.

This estimation was stated in the latest Supply and Demand Estimates report released on last Thursday.

Australia has been suffering from drought over the last few months and fears over the country's wheat crop have pushed world wheat prices to 10-year highs on world markets.

However, the USDA estimate remains 1mt above than the Australian Bureau of Economics' estimate released in the last two weeks.

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