With conditions improved in Australia the National Australia Bank (NAB) Agribusiness has revised its 2011-12 wheat crop forecast up to 25.05 million tonnes. Increasing world production could see lower prices over the medium term. Tight world corn stocks should provide some support to wheat prices to the Australian growers into 2012. NAB Agribusiness General Manager Khan Horne said "world wheat production will exceed consumption this year by almost ten million tonnes. With a solid crop on the cards in Australia and yields close to being locked in, the market will start focussing its attention on quality". Read more ...
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