Commodity brokerage INTL FCStone on Monday projected this year’s Australian wheat production to come in 5.6% lower than official estimates, as a crippling drought in the country’s east shows no signs of easing. The company forecast Australian wheat production for the 2019-20 season at 14.97 million tonnes, below the country’s latest official estimate of 15.85 million tonnes. Australia’s chief commodity forecaster last week cut its production forecast by nearly 20% for the year through June 2020 as an unrelenting drought will likely see output fall to an 11-year low. …read more
Source:: Yahoo Finance
