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Bloomberg reported today that wheat from Australia, forecasted to be the world’s third largest wheat exporter this year (behind the U.S. and Canada) should return to the global market in 2008 after two years of drought. Managing Director of Malaysia's second-biggest miller Teh Wee Chye was quoted from a conference in Melbourne, “Australian wheat is important to us. We expect Australian wheat to come back into the global market in 2008. The current prospect of a huge crop in the northern hemisphere, as well as improved weather conditions in Australia, will lead to an overall improvement in the global wheat supply and result in lower and affordable wheat prices for both producers and consumers. This will bring food inflation to a more reasonable level.''
  • According to the article, wheat output in Australia is forecast to reach 23.7 million metric tons this harvest, up over 80% from last year’s drought-reduced crop of about 13 million tons.