SYDNEY, AUSTRALIA — Australia’s wheat production is expected to be 5.6% lower than official estimates INTL FCStone said due to crippling drought in the east, Reuters reported.
The commodity brokerage company forecast production at 14.97 million tonnes for the 2019-20 season, below the official estimate of 15.85 million tonnes.
Australia’s chief commodity forecaster last week cut its production forecast by nearly 20% for the year through June 2020.
Australia is one of the world’s largest exporters, but is poised to lose greater market share in markets such as Indonesia and South Korea, Reuters said.
