Australian Wheat Production May Miss Forecast by 11 Percent, JPMorgan Says

(Bloomberg) -- Wheat production in Australia, the
world's third-largest exporter of the grain, may be 11 percent
less than a government forecast because of dry weather in the
country's west, JPMorgan Chase & Co. said.

The nation may produce 20 million metric tons of wheat this
harvest, the brokerage said in a note dated July 16. That
compares with its previous forecast of 22.8 million tons and a
government estimate of 22.5 million tons.


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