Australia: Grain and Feed Update

Australia is on the path to a third consecutive bumper grain crop in marketing year (MY) 2022/23 after a record setting winter crop and strong summer crop production in MY 2021/22. After another strong start to the planting season followed up by great rainfalls, there is ample moisture to carry the wheat and barley crops through the grain fill stage. The key risk is rainfall at harvest causing grain quality downgrades. Wheat production is forecast at 34 million metric tons (MMT), down from the record-breaking MY 2021/22 crop of 36.3 MMT but still the second largest in history. Similarly, barley production is forecast at 12.2 MMT, down from the previous year’s 13.9 MMT record. Sorghum production is forecast to achieve the fourth largest on record in MY 2022/23 at 2.6 MMT and exports at a near record 2.1 MMT. With plentiful irrigation water available, rice production in MY 2022/23 is forecast to continue to grow for the third successive year to 575,000 MT.