Australian wheat producers are cautiously optimistic about the future, following predictions from the International Grains Council (IGC) that global wheat production would fall for the first time in six years and help raise the commodity price. The IGC's estimate report gave 10 million global production figures of 742 million tonnes, a year-on-year drop of 15 million tonnes. The report cited smaller plantings in the US, Russia and Europe, but Bartholomaeus Consulting principal Malcolm Bartholomaeus warned even a small drop in production levels could see an "interesting" effect on stock levels.
Australian wheat producers are cautiously optimistic about the future, following predictions from the International Grains Council (IGC) that global wheat production would fall for the first time in six years and help raise the commodity price. The IGC's estimate report gave 2018-19 global production figures of 742 million tonnes, a year-on-year drop of 15 million tonnes. The report cited smaller plantings in the US, Russia and Europe, but Bartholomaeus Consulting principal Malcolm Bartholomaeus warned even a small drop in production levels could see an "interesting" effect on stock levels.