The latest crop report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) projects total Australian winter crop production to fall 33% compared to last year’s record output of 46.1mt. The forecast is slightly below the 10-year average.

Wheat production is forecast to fall by 37% to 25.5mt in the 2023/24 marketing year, 4% below the 10-year average ,despite an upwards revision to the previous forecast following early October rainfall.  The production forecast for barley was also slightly higher than the previous forecast, however, is still projected to fall 24% YOY to 10.8mt. Canola production is forecast to fall 33% from 2022/23 to 5.5mt.