Prospects for Victoria’s grain harvest keep improving, but the price outlook isn’t as rosy.
Light showers over the state’s cropping regions persisted last week and crops are developing more quickly as temperatures rise.
Victorian conditions for the start of August are the best in several years. And, importantly, most farmers are sitting on reasonable to excellent soil moisture.
Australia’s wheat crop is tipped to exceed 28 million tonnes, which would make it the second largest ever behind 29.9 million in 2011-12.
But timing of this year’s expected bumper harvest may not be ideal for farmers, with markets already brimming with supplies.
World wheat production is high, with a record large Russian wheat crop, as well as big crops in the US, Europe, Canada and Australia.
