Futures Close Report 30/11/20

ABARES forecast for Australian wheat production put at 31.17 million tonnes (20/21).  This was increased by circa 10% due to the impact of timely rains. The all time record production level of 31.8 million tonnes was set back in 16/17.  Barley production was seen at 11.96 million tonnes.  Australian farmers currently dealing with the impact of an anti-dumping barley tariff of 80% which effectively ceased any export trade to China.

• Sovecon Ag Consultancy forecast for Russian wheat harvest put at 79.2-82.8 million tonnes of wheat in 2021, compared with 85.3 million tonnes in 2020.