sydney / singapore / reuters
Australia’s wheat output is likely to slide more than 15 per cent in 2012-13 from a record crop this year as lower global prices may prompt farmers to shift to other crops such as canola and barley.
Wheat output is expected to fall to 25 million tonnes in the year to June 2013, down from an all-time high of 29.5 million tonnes which is estimated to have been produced this crop year. That would still be a better-than-average crop.
“We expect a pullback in Australia wheat plantings this year as canola plantings are likely to be the big winner this season because of the margins,” said Paul Deane, a senior economist with ANZ.