Drought Vaporizes Australia’s Share of Global Wheat Exports
Sharp production losses have caused major wheat supplier to slip into most insignificant state ever
Drought has plagued Australia’s wheat crop for the third year in a row, and the sharp production losses have caused the traditionally major wheat supplier to slip into its most insignificant state ever on the global export scene.
According to a report at Reuters, this has opened the door for other suppliers to take advantage, but global wheat supply is still comfortable and exports competitive even as Australia has been largely lacking from the equation for two years now.
So far this year, wheat regions in leading producer Western Australia have received a third less rainfall than is normal. Out east in New South Wales, only half of the typical year-to-date precipitation has fallen.