World weather impacts ag markets

The weather this past growing season was a difficult one for Australian farmers.

An extensive drought in eastern Australia during the growing season reduced crop production across the region. The drought was likely caused by the developing El Niño in the central Pacific region. Wheat production was reduced by an estimated 30 per cent from the previous year. 

During the past two months in Australia, summer temperatures soared to record-breaking levels. The warmest temperature recorded in Australia since 2014 was reported in Marble Bar on Dec. 27 at 39.3C. The summer crop production in Australia is limited by the hot, dry conditions, including sorghum production in Queensland. This will further tighten feed grain supplies in eastern Australia this year... Read More