“The deepest slump in Australian wheat shipments in six years will exacerbate the biggest contraction in global exports in a generation after droughts withered crops around the world.
Sales by Australia, last year’s second-largest supplier, will tumble 31 percent to 17 million metric tons in the 12 months through Sept. 30, based on the median of seven analyst estimates compiled by Bloomberg. The prediction is 1 million tons lower than forecast by the U.S. Department of Agriculture. The most widely held option on the Chicago Board of Trade gives holders the right to buy the grain for delivery in December at $10 a bushel, or 15 percent more than now, bourse data show.”
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