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.
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.