Western Australia will produce nearly 1 million metric tons more wheat this season than was expected a month ago, bolstering expectations for a large Australian harvest that will pressure global prices.
The Grain Industry Association of Western Australia (GIWA) also raised its production forecasts for canola by 490,000 tons and for barley by 200,000 tons.
Abundant global supply of wheat helped push benchmark Chicago prices to five-year lows this week.
GIWA says Western Australia is now set to produce 12.6 million tons of wheat, a record-high 7.3 million tons of barley and 3.8 million tons of canola.
That compares to average production over the last five years of 11.2 million tons of wheat, 5.2 million tons of barley and 2.8 million tons of canola.
The association has now raised its wheat forecast by 3.2 million tons since its first estimate in July.
