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Australian Wheat Estimate to be Released Tuesday

Most analysts expect a drop of about 3 million metric tons.

The Australian Bureau of Agricultural and Resource Economics is poised to release the official estimate of the Australian wheat crop. It is expected that the estimate will drop from the 15 million tons in the last report on Sept. 19 to somewhere in the neighborhood of 12 million tons.

The main focus of this update will be the weather's impact on the crop. For the last several weeks, hot, dry windy weather has whipped around southeast Australia.

Tobin Gorey, a commodity strategist for the Commonwealth Bank of Australia, says while a significant drop in the crop is expected, it should still be above last year's harvest of 9.8 million tons.

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