Global Prices of Wheat Could Further Surge As Australia Trims Down Wheat Output Target
Prices of wheat in the global market could further escalate in the coming months as Australia, the world's No. 2 wheat exporter, had announced cuts in its wheat production forecast for the 2012/13 crop marketing year.
The Australian Bureau of Agricultural and Resource Economics and Science (ABARES), in its latest crop report released on Tuesday, slashed its projections by 7 per cent from its previous forecast of 24.1 million tonnes in June to 22.5 million tonnes this month.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.