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Following a positive start to the season with much of eastern Australia receiving above average rainfall, the outlook for the 2020-21 winter crop is expected to be average to above average, with a big upside if winter rainfall delivers.
Released last week, NAB’s Winter Crop Update report forecasts 2020-21 national wheat production to sit at the 25.9 million tonnes range, based on average rainfall for the remainder of the season.
NAB agribusiness economist Phin Ziebell said NAB’s initial forecast was closer to average and in line with ABARES’ latest estimates of 26.7mt and is predicted to jump to 29mt based on 50 per cent above average rainfall for the remainder of the season.