Ausie Grain Farmers Down 5Billion

[TOM4CWB]

Sep 15, 2002 (The Sunday Age - ABIX via COMTEX) -- Australia's drought is forecast to cut farm incomes by $A5 billion in the year ending 30 June 2003. It would cut the nation's gross domestic product growth by 0.8 per cent, according to a Westpac analysis. The Australian Bureau of Agricultural and Resource Economics reports that Australia's wheat crop will be the worst since 1994-95. It estimates that the 2002-03 output at 13.5 million tonnes of wheat, down from 24 million tonnes in the previous year. Total production of all winter crops is expected to fall by 40 per cent.

Publication Date: 15 September 2002


Charlie,

It is hard to believe that wheat prices can fall very much further...

I heard an Internet Red River Valley Farm Broadcast Friday PM that still quotes Minneapolis 14Px #1DNS is still over $5.19USD or $8.20CDN...

Obviuosly there is still lots of room for the CWB PRO to move up significantly next week...

[Kasro]

The Canola Association of Australia lwered their production even lower today. This from Reuters. Can anyone tell me if this is the number the trade already is plugging in, or is this new info for everyone?

SYDNEY, Sept 16 (Reuters) - Australia's canola crop was revised down further on Monday to 804,300 tonnes from 1.21 million tonnes in an estimate a month ago due to a decline in plantings, the Canola Association of Australia Inc said.

"Estimates for area harvested are only 85 percent of last month's estimate of area planted and 67 percent of planting intentions in March," the group said in releasing its latest monthly crop forecast for 2002/03.

Production in 2001/02 was an estimated 1.6 million tonnes and 2.5 million tonnes the previous year.

"Production estimates are now about half of what was predicted based on March planting intentions and with prospects for further crop declines, domestic shortfall on the east coast could be a possibility," it said.

The association in August lowered its forecast from 1.34 million tonnes the month before.