Australia’s Wheat Production Forecast May Fall Further

USDA's wheat production forecast for Australia may fall further, though that depends on further consultations with Australia, says USDA Chief Economist Joe Glauber. "I certainly wouldn't rule that out," since drought has damaged crops there, he says. USDA currently forecasts Australia wheat output this marketing year at 23M metric tons, above the Australian government forecast of 22.5M tons. "That was a pretty big reduction they made and I think our preference tends to be looking at making more gradual adjustments, just because we don't want big changes jerking around the balance sheet from month to month," Glauber says.