StoneX raised its forecast for the 2020-21 season of Australia wheat production after conducting a client survey. It estimated wheat production to be at 27.5m tonnes, which is above its August survey forecast of 26.87m tonnes. It is still below the 28.91m tonnes released by Abares this week, however, which cited heavy east coast rains and increased production in New South Wales for the new number.
This most recent estimate by StoneX is also above most other estimates, including the production numbers forecast in August by the National Australia Bank, at 24.7m tonnes and USDA Wasde at 26.0m tonnes. It remains in line with IGC’s end-of-August estimate at 27.5m tonnes, but below the one Agritel released of 31m tonnes.