Australian wheat production may exceed 31 million tons in 2024

Analysts say that wheat production in Australia this year may be much higher than earlier expectations, as increased rainfall in the past few months has not continued the hot and dry weather of the third quarter. Last August to October, Australia experienced the hottest and driest weather in its history, but the weather changed dramatically afterwards. Frequent rainfall made Australia lush with greenery, and the outlook for wheat production became more optimistic. Sydney Aikang Commodity Company expects an Australian wheat harvest of approximately 30 million tons. The Federal Bank of Australia predicts a wheat production of 31.4 million tons in Australia. As a reference, the Australian Bureau of Agricultural Resources, Economics, and Sciences (ABARES) estimated on December 7 that Australia's wheat production for the year 2023/24 would be 25.5 million tons, a 37% decrease from the record breaking production of the previous year and a 4% decrease from the average of 26.5 million tons in the past 10 years. The Australian Bureau of Meteorology stated on Tuesday that the peak of El Ni ñ o has passed and is currently weakening, with the possibility of returning to neutral mode during the autumn season in Australia (March to May).