A Golden Outlook for a Golden Year: Australian Winter Crop 2021/22 Production, Price, and Inputs Forecast
A second consecutive very large Australian winter crop harvest comes at the opportune time of global shortages and high prices. This harvest, we expect to see just under 53m metric tons of grains, oilseeds, and pulses harvested – down 5% on last year but a hefty 25% above the five-year average.
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Canola is the standout mover, with production estimated to reach a new record of 5.16m metric tons, driven by both increased planting in many regions and favourable conditions in key canola regions for most of the season. Short global supplies across the grain & oilseed complex will continue to support Australian prices over the year ahead, and though price softening can be expected globally as new crops come into play next year, seasonal uncertainty and a longer process of global stock rebuilding will keep prices elevated.