Australian Wheat Closes Lower On Rains
Australia's benchmark ASX January contract closed A$6 lower at A$329/tonne Friday.
Heavy rain and strong winds moved from Queensland into NSW on Friday, as an intense low formed off the east coast, according to weatherzone.com.au. The low is part of the same system responsible for bringing more than 50 millimetres to parts of Queensland’s southern interior in recent days.
The rains are seen as beneficial for the developing wheat crop in Queensland and NSW.
Australia is expected to produce around 22mmt of wheat this year, up 9mmt on 2007. Drought has ravaged the crop the last two seasons but farmers are "cautiously optimistic" for this years harvest a trader said.
Heavy rain and strong winds moved from Queensland into NSW on Friday, as an intense low formed off the east coast, according to weatherzone.com.au. The low is part of the same system responsible for bringing more than 50 millimetres to parts of Queensland’s southern interior in recent days.
The rains are seen as beneficial for the developing wheat crop in Queensland and NSW.
Australia is expected to produce around 22mmt of wheat this year, up 9mmt on 2007. Drought has ravaged the crop the last two seasons but farmers are "cautiously optimistic" for this years harvest a trader said.