Australian Wheat Crop Forecast Lowered by Citigroup on Weather

By Madelene Pearson

Oct. 20 (Bloomberg) -- Australia, the world's sixth-largest wheat exporter, may gather less of the grain this harvest than previously forecast because of dry weather, Citigroup Inc. said.

Output may be 21 million metric tons in the harvest under way, down from its previous estimate of 23.2 million tons, Citigroup's Jonathan Snape said in a report dated Oct. 17.

``Recent drying across the southern acreage has seen deterioration in crop expectations for the region with South Australia and Victoria the hardest hit,'' he said in the note.

To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net