Rural Bank and Rural Finance’s latest Australian Crop Update predicted that farmers would yield a total of 53 million tonnes of grain, which would be the largest harvest on record.

But producers were told not to get excited, as both domestic and international prices were expected to trend downwards.

At the time of the report’s publication, every state, barring Tasmania, whose inclement weather delayed its harvest, was closing in on the end of the season. 

The report found that Australia’s production was in line with global wheat production figures. 

Rural Bank and Rural Finance agribusiness general manager Andrew Smith said “all eyes will be firmly fixed” on the markets for grain and oilseed in the Northern Hemisphere.