Australia and Argentina step up in wheat sector

Rising prices: A tractor and swather are seen cutting wheat in the United States. Droughts, frost and heavy rain in key northern hemisphere exporters have curbed supplies, sparking a buying frenzy worldwide. ― AP

SYDNEY: For the second season in a row, the stars are favourably aligned for Australian wheat growers – a bumper harvest, a global shortage of one of the planet’s most important foods and world prices near nine-year highs.

Australia is set to ship 24.5 million tonnes in the coming season, says Rabobank, or near to the highest quantity ever. And another southern hemisphere country, Argentina, is on track to move out 13.5 million tonnes, also near to an all-time high, according to the United States Department of Agriculture data.