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Rainfall Lifts Australia's Wheat Harvest by Several Million Tons

Recent rains across key Australian wheat growing areas are likely to increase yields, adding several million tons to a crop that had been hit by dry weather and boosting the global supply outlook, analysts said. A larger harvest in Australia, one of the world's biggest exporters, will help to offset crop losses caused by dry conditions in Argentina and Canada, exerting downward pressure on wheat prices Wv1. Rain across many southern regions lifted the wheat harvest outlook to 26 million metric tons from 23 million tons a few weeks ago during Australia's driest September on record, said Stefan Meyer, a grains broker at StoneX in Sydney.

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