Australian Wheat Exports Seen at 5-Year Low as Output Drops

Wheat shipments from Australia will probably drop to the lowest in five years as dry weather curbs supplies in the world’s fourth-biggest exporter, according to a government forecaster, which cut its outlook 6.1 percent.

Exports in the year started July 1 may total 16.99 million metric tons, from 18.1 million tons forecast in September and last year’s total of 18.3 million, the Australian Bureau of Agricultural and Resource Economics and Sciences said in a quarterly report today. That would be the lowest level since 2009-2010, according to the Canberra-based bureau.