Australia farmers forced to scale back crops amid soaring fuel, fertiliser prices

More expensive fuel and fertiliser forcing farmers in Australia to scale back planting of crops. Australia typically imports more than half of its nitrogen fertilisers from the Middle East. Furthermore, forecasters predict the formation of El Niño — a weather phenomenon that typically heats and dries Australia's east coast. The world's third-largest wheat exporter may have up to 10 million tonnes less crop to sell overseas, which is about 5% of global exports. Analysts forecast Australia's wheat harvest could fall between 16% and 41% from last year's 36 million tonnes, depending on whether dry conditions persist.