Asia's depleted wheat stocks are set to rebound this year as stronger harvests are recorded in leading regional producers including Australia, China and India.
Barring a disastrous end to the growing season in the coming weeks, Australia will also regain its role as one of the world's top wheat exporters with government figures out yesterday forecasting an annual harvest of 22.5m tonnes.
Although that estimate is down 5 per cent since June, it would still match the harvests of the previous two years combined when Australia endured its worst drought in close to 100 years. “The key to the final outcome will be finishing rains in September,” a report from JPMorgan said this month.
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