Victorian prices have suffered the first weekly setback in three months as the Australian dollar’s sharp gains dampened interest.
New crop APW multi grades prices into Melbourne and Geelong rocketed to $305 by mid-July from $236 in early May, amid global and domestic crop concerns.
Trader bids fell $15 a tonne last week to $295 on the back of a global selloff and the soaring Australian dollar, which has rallied 5 per cent in July and could break the 80 cent barrier for the first time in more than two years.
Soaring Australian wheat prices have made traders cautious about ownership of wheat at levels above $300 port, as it will be difficult to sell into overseas markets.
International wheat markets fell last week, as European and Black Sea farmers begin to make inroads into winter wheat harvest.
