Australian Wheat Sets 14-Month Low

Australian wheat futures plunged to 14-month lows Thursday, with benchmark ASX January hitting A$258/tonne.

A weak CBOT market and the global financial gloom dragged the market lower to levels last seen in August 2007.

Scant export interest is emerging at these levels, with Iran tendering for Australian wheat this week, but generally foreign buyers remain on the sidelines.

Farmer selling at these levels is light however, said one trader.

Australia's crop is generally anticipated to be in the region of 20-21mmt, 7-8mmt higher than last seasons drought-ravaged crop of 13mmt.