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INTL FCStone export cash broker Sam Chambers said an Australian winter crop production of about 25 million tonnes in 2019-20 would make up for a difficult year.

“It’s all about what our next production is,” Mr Chambers said.

“The biggest story still is obviously the dryness that persists on the east coast. At the moment a lot of feedlots and on-farm feed is just trying to feed cattle grain, so they don’t have land to graze.