Market Morsel: Who won Australian wheat in 2024?

Market Morsel

The data is now out for the period October 2023 to September 2024, so pretty much the marketing year for last years harvest.

We have written about the return of China in relation to barley, with most of our trade being directed there. We heavily rely on Europe for our oilseed trade in canola, but wheat is a slightly different story.

The market for wheat is much bigger, with a higher number of significant buyers of wheat, and this is reflected in our trade.

The chart below shows the first twenty nations that purchased Australian wheat during the period of October 2023 and September 2024. These buyers account for the vast majority of our trade.

The biggest buyer is China, with 19% of the trade. This is significantly lower than the 75% of our barley.

The top five wheat buyers, China, Indonesia, Philippines, Yemen, and Japan, account for 61% of wheat trade during the period.

There is concerns about our reliance on key import nations for many of our export commodities; however, with wheat, we have decent diversification. That being said, we don’t want to annoy our biggest buyers.