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News last update:6 Aug 2012

Dry spring slashes grain forecasts

The Australian Bureau of Agricultural and Resources Economics (ABARE) has cut its forecast for the nation's what crop by 11.4 per cent to 19.91 million tonnes because of dry spring conditions in south eastern Australia.

ABARE said the WA wheat crop would be 1.7 million tonnes higher than last year at about 7.8 million tonnes, despite some frost damage. The barley crop has also been impacted by the dry conditions, with ABARA now predicting a harvest of 6.3 million tonnes, down 20 per cent than the previous forecast in September. The Canola forecast has alos been cut by 320,000 tonnes since September to 1.3 million tonnes.

Source: Reuters/Business Spectator

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