USDA cuts Australian wheat estimate

13-11-2006 | |
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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