Precipitation improved the prospects for the wheat harvest in Australia
StoneX experts raised the forecast of wheat production in Australia in 2024/25 MY from 25 to 30 mln tonnes after the rains were favorable for the crops in most of the country, Reuters reported.
As a reminder, in July USDA estimated the wheat harvest in the country at 26 mln tonnes.
At the same time, in some areas of Victoria, as well as South and Western Australia, soil moisture in the root zone remains very low, which negatively affects crops. In May and June, during sowing, the amount of precipitation was insufficient, so the crops need moisture.
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