Australia Bumps Up Wheat Forecast Amid Global Supply Tightening

Australia's Department of Agriculture has revised its wheat forecast for 2026/27, predicting an eighth-largest crop on record at 29.9 million tons.

This represents a 12% increase from June's estimate and is largely due to strong winter rainfall that improved conditions and alleviated concerns about dryness and input shortages linked to the Middle East conflict.

Despite this upgrade, output is still expected to fall short of last season's bumper harvest of 36 million tons, mainly due to a smaller planted area.