Grain prices moved sharply higher last week across all port zones as the ongoing dry weather threatens Australia’s 2017 winter crop yields. While earlier strengthening in grain prices was largely confined to southern Queensland, last week’s rally was Australia wide.
Australian grain bids increased by $10 to $15 a tonne, as the sharp rally in Darling Downs grain values seen in late May and early June spread across all states. Gains were mirrored in the new crop markets, as buyers become increasingly nervous about the prospects of next season’s harvest.
Strong gains were seen across all Australian port zones.
New season wheat into Newcastle was $24 higher at $274 port, as buyers reflected on deteriorating crop conditions throughout much of the state’s north west.