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Commodities

Australia's bumper wheat crop cuts prices for hungry Asian markets

Imports by top consumer China more than double as shipping jam eases

Expectations for Australia's wheat crop remain high despite concern about heavy rain during harvest season.   © Reuters

TOKYO -- What looks to be a record-breaking year for wheat production in Australia has brought down international prices driven up by poor weather and the war in Ukraine, drawing attention from China and other Asian buyers.

The U.S. Department of Agriculture expects Australia to produce 36.6 million tonnes of wheat in its 2022-23 marketing year, an all-time high. After a smooth planting season, growing areas have received plentiful rain. Concerns that heavy rainfall during the harvest season might affect quality did not change the USDA's forecast.

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