Black Sea disruptions poised to benefit Australian wheat: Voznesenski
Australia could be positioned to capture additional Asian wheat demand as its crop develops better than expected, while prolonged disruptions to Black Sea exports could eventually force buyers that have delayed purchases back into the market, Dennis Voznesenski, agricultural economist at Commonwealth Bank of Australia, told Platts. Australian wheat prospects have strengthened as harvest…
Australian wheat is expected to gain market share as its crop developments outperform expectations, while prolonged disruptions in Black Sea exports may force buyers back into the market. Agricultural economist Dennis Voznesenski from Commonwealth Bank of Australia noted that the country's wheat prospects have strengthened, particularly in Victoria and South Australia, where yields could double compared to last year.
The strong crop outlook comes as the Russia-Ukraine conflict has redirected buyers towards alternative origins, including Australia, due to constrained capacity in traditional Black Sea channels. While the main risks still lie in northern New South Wales and southern Queensland, improved production elsewhere could mitigate the impact on national output.
Voznesenski expects Asian purchasing to eventually return to alternative suppliers as stocks in the market dwindle.
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