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Australia cuts wheat export forecast

Australia cut its forecast for 2014/15 wheat exports and increased its beef export forecast as dry weather hits crops and drives up slaughter rates, taking the national herd to at least a 17-year low. The forecasts come as Australia's weather bureau warned last week that an El Nino weather event - linked to hot, dry weather - is likely over the next three months, darkening the outlook for agricultural producers.

Australian wheat exports were pegged at 16.99 million tonnes, down 6 percent from a September forecast, the country's official commodities forecaster said.

Copyright Reuters, 2014


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