Northern rainfalls dampen grain

Lloyd George | Northern rainfalls dampen prices


Grains
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Heavy rains in Queensland have cooled grain prices elsewhere in the country for the first time in weeks.

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Victorian grain prices fell last week after some Queensland farmers received the best rains in six months.

Last week’s decline in prices comes after southern grain markets rallied $50 in little over a month amid poor crop outlooks in Queensland and New South Wales.

COOLING DOWN: Victorian prices have fallen after substantial rains in Queensland. The fall began when forecasts predicted heavy rains in the Darling Downs.

COOLING DOWN: Victorian prices have fallen after substantial rains in Queensland. The fall began when forecasts predicted heavy rains in the Darling Downs.

New crop APW wheat prices registered their first weekly decline in six weeks, ending the week down $5 at $275 Geelong. Feed barley was also modestly lower at $245 port.

Benchmark ASX wheat futures have fallen by $14 to $282 since the highs of mid-last week when computer models first forecast that most of the Darling Downs would receive upwards of 50 millimetres of rain.

Victorian farmers are surveying crops to see if last week’s frosts did any damage. Farmers are reporting some damage to canola crops.

*Lloyd George, Ag Scientia

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