In the Australian Winter Crop 2021/22 Production, Price and Inputs Forecast report, it is estimated the nation will harvest 52.87 million tonnes of winter grains, oilseeds and pulses this season. While down 5% on last year’s crop, this is still a hefty 25% above the five-year average.
Canola is the stand-out mover, with production estimated to reach a new record of 5.16 million tonnes.
Australia’s wheat production is expected to come in at 31.9 million tonnes (down 4% on last year, but still 35% above the five-year average.
Barley production is forecast to be down 10% cent on last year to 11.7 million tonnes, though also still up on the five-year average by 7%.
Report co-author Rabobank agriculture analyst Dennis Voznesenski said Australia’s second consecutive large winter crop “comes at an opportune time for local growers, with global shortages and high prices for grains and oilseeds”.
Short global supplies of grains and oilseeds will continue to support Australian prices over the year ahead.
“And although global prices can be expected to soften as new crops in different regions around the world come into play, the uncertainty that exists around seasonal conditions in grain-growing areas and the process of global grain stocks re-building will keep prices at least above the range of the last six to seven years.”