Australia’s record 2016-17 crop
On Valentine’s day, ABARES released their February 2016-17 crop report. With harvesting of winter crops almost finished, revised projections now show an Australian winter crop of 58.9 mln tonnes with records in all major grains including wheat at 35.1 mln tonnes, barley at 13.4 mln tonnes and canola at 4.1 mln tonnes. The revisions were the result of “yields being higher than anticipated and reaching unprecedented levels in most regions” according to the ABARES report. Barley yields are estimated at 3.3 tonnes/ha (61.8 bu/acre) compared with 2.1 (38.9) in 2015-16. The report pegs export malting barley prices at AUD $267 in Q4 of 2016 compared with $329 in Q4 of 2015. The report can be found here here.