Australia says 2019/20 wheat harvest drops to lowest in 12 years.
Australia said, its 2019/2020 wheat harvest was the lowest in 12 years, missing its forecast, as a severe drought across the east coast wilted crops. Australia’s chief commodity forecaster said in December it expected wheat production during the 2019/2020 season to total 15.85 million tonnes. In 2018/19, the country exported more than 9 million tonnes of wheat. Lower wheat exports are also likely to hurt Australia’s stuttering economy, although the impact on the country’s biggest listed bulk grain handler, GrainCorp Ltd, will softened by a derivative contract that supports its earnings during times of severe drought.