Fcstone Poll Pegs Australian Wheat Production at Nearly 20% Lower Than Official Estimates

SYDNEY, Nov 6 (Reuters) – Commodity brokerage INTL FCStone said on Wednesday a poll of its clients estimated Australian wheat production during the 2019/29 season would be nearly 20% lower than official estimates.

INTL FCStone said its poll of an unspecified number of clients pegged Australian wheat production at 15.54 million tonnes, 19.1% lower than Australia’s official estimate of 19.2 million tonnes.

With lower production, Australia – typically one of the world’s largest exporters – is also likely to lose greater market share in lucrative markets such as Indonesia and South Korea at a time of falling prices.

Lower production may force some millers into rare imports.

Australia approved in May the first import shipment of wheat in more than decade.

INTL FCStone said its poll also pegged Australian canola production at 1.82 million tonnes, below official forecasts of 2.3 million tonnes. (Reporting by Colin Packham; Editing by Peter Cooney)