SYDNEY, AUSTRALIA – Noting above average yields as harvest wraps up and a global market showing strong demand and prices, Australian grain growers are expected to see farm gate receipts for the major winter crops exceed A$20 billion, IKON Commodities said in its Feb. 9 update.
Based on grain receival reports from the major grain storage groups IKON Commodities has revised its Australian crop estimates as follows from its last report:
- Wheat production estimated at 39.043 million tonnes, up 1.8%
- Barley production estimated at 14.236 million tonnes, up 2.7%
- Canola production estimated at 6.838 million tonnes, up 3.1%
- Chickpea production unchanged at 1.45 million tonnes.
All commodities have shown significant estimated production growth compared to 2020-21. Wheat is up 9.6% from 35.3 million tonnes, barley jumped 7.1% from 13.22 million tonnes, canola grew 30.2% from 4.77 million tonnes and chickpeas surged 39.2% from 0.88 million tonnes.
IKON said a review of grain receival reports also indicated a drop in storage market share for GrainCorp and Viterra with growers and competitors expanding capacity. CBH was able to hold market share in a record season for Western Australia. Receivals compared with 2020-21 show a 7-million-tonne increase — to 39.8 million tonnes from 32.8 million tonnes — driven by the record Western Australia crop and slightly larger production for the East Coast.
During the 2021-22 export season Australian grain exporters are also set to take advantage of the recent expansion in the grain supply chain with greater rail and port capacity pushing grain exports above 40 million tonnes for the first time on record, IKON said.