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Australia’s wheat production below estimates

Australia’s wheat production is expected to be 5.6% lower than official estimates INTL FCStone said due to crippling drought in the east, Reuters reported.

The commodity brokerage company forecast production at 14.97 million tonnes for the 2019-20 season, below the 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.

Australia is one of the world’s largest exporters, but is poised to lose greater market share in markets such as Indonesia and South Korea