Analyst survey: Australia may raise the estimates for wheat, barley, and canola production this week.

Analyst surveys show that timely precipitation before the harvest in the south and yield improvements in the west are driving production growth, leading Australia to potentially raise its wheat, barley, and canola production estimates this week. Australia, a major global exporter of agricultural products, is currently in the winter crop harvest season. The Australian Bureau of Agricultural and Resource Economics and Sciences will release its latest production estimate report on Tuesday. An increase in wheat production will further exacerbate the global oversupply situation - currently, global wheat supply is sufficient, leading to Chicago benchmark wheat prices hovering near their lowest levels since 2020. Among the five analysts surveyed by Reuters, four have already raised their production estimates for the aforementioned crops in Australia since mid-October.