# Quarterly Agriculture Report – April 2026 | Westpac IQ

> Westpac's quarterly agriculture report cuts its 2026 Australian farm GVA forecast to -0.8%, with the largest downgrade in crop production. It cites higher diesel, fertiliser and freight costs from the Middle East conflict, along with hotter, drier conditions linked to possible El Niño. Westpac expects wheat prices to ease over 2026 while canola prices are revised higher.

- Date: 2026-04-28 · published 2026-04-28T12:00:00.000Z
- Category: report · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/19684-quarterly-agriculture-report-april-2026-westpac-iq
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Higher input costs may reduce planted area and yields, while global wheat supply weighs on prices. Stronger canola expectations point to firmer oilseed meal demand.

## Read by commodity

- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-08-11 | [Futures Close Report: 10th August 2017 - 2Agriculture](https://feedsoft.ai/events/69398-futures-close-report-10th-august-2017-2agriculture.md) | +0.3% | -0.2% |
| WHEAT | 2024-09-30 | [SEP 30.24 USDA Quarterly Stocks Report - ADM Investor Services](https://feedsoft.ai/events/28251-sep-30-24-usda-quarterly-stocks-report-adm-investor-services.md) | +0.6% | -6.3% |
| WHEAT | 2024-03-13 | [India: India Grain and Feed - Quarterly Update - March 2024 \| USDA Foreign Agricultural Service](https://feedsoft.ai/events/31142-india-india-grain-and-feed-quarterly-update-march-2024-usda-foreign.md) | +0.6% | +3.6% |
| WHEAT | 2023-12-20 | [Agricultural prices fell in the third quarter of 2023 - News articles - Eurostat](https://feedsoft.ai/events/32760-agricultural-prices-fell-in-the-third-quarter-of-2023-news-articles-eurostat.md) | +0.8% | +1.1% |
| WHEAT | 2022-04-21 | [Grain Transportation Report, April 21, 2022](https://feedsoft.ai/events/16719-grain-transportation-report-april-21-2022.md) | +8.3% | +12.9% |

## Sources

- westpaciq.com.au: https://www.westpaciq.com.au/economics/2026/04/quarterly-agriculture-report-29-april-2026

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.