The erratic expectations for Australia’s wheat harvest took a step backwards as Commonwealth Bank of Australia slashed its forecast for east coast crops, citing frost, and dryness which meteorologists see continuing.

Commonwealth Bank of Australia cut by 1.6m tonnes to 23.6m tonnes its forecast for the wheat crop in the southern hemisphere’s top exporter of the grain, ahead of Argentina.

The downgrade highlighted the sharply divergent expectations for the harvest, contrasting with an upgrade to 25.9m tonnes two weeks ago by Australian Crop Forecasters in its production estimate.

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SOURCE: FarmOnline