Aus­tralia wheat ex­ports seen climb­ing as world prices to de­cline

The Pak Banker - - 6BUSINESS -

SYN­DEY: Wheat ship­ments from Aus­tralia may rise 2 per­cent next sea­son as out­put in­creases, adding to am­ple global sup­plies that may push prices down to the low­est in more than a decade, ac­cord­ing to the na­tion's agri­cul­tural com­modi­ties fore­caster. Ex­ports from the world's fifth-big­gest ship­per may in­crease to 17.3 mil­lion met­ric tons in the year start­ing July 1, the Aus­tralian Bureau of Agri­cul­tural & Re­source Eco­nom­ics & Sci­ences said in a re­port. That com­pares with 16.9 mil­lion tons a year ear­lier, it said. Pro­duc­tion may to­tal 24.5 mil­lion tons in 201617 from 24.2 mil­lion tons, the bureau said, giv­ing the first es­ti­mate for the crop to be planted from April. Wheat fu­tures traded in Chicago have fallen the past three years as bumper har­vests around the world led to am­ple sup­plies. Global stock­piles of grains, ex­clud­ing rice, may ex­pand to 465 mil­lion tons, the high­est in 29 years, the In­ter­na­tional Grains Coun­cil es­ti­mates.

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