One of the worst droughts in history has reduced the Australian oat crop to the second lowest level in 36-year low and near the record low.
ABARES today pegged 2018 oat production at 0.888 MMT, down 15.3% from last month and 20.7% below last year. The current estimate is 38% below the average.
ABARES made area cuts of 17.3% in Western Australia this month and 2.1% in South Australia (see table pg. 2). Yields were reduced this month by 36.4% in Victoria, 6.1% in South Australia.
Production was lowered this month in all states apart from Queensland and Tasmania.
Production in Western Australia, the largest oat exporting state by far, is down 13% this month and 25% below the five-year average. The positive is production is up 4.5% YOY.