Australian Wheat Futures Crash

Australian wheat futures crashed sharply lower overnight, with benchmark ASX Jan down A$13 at A$310/tonne.

A weaker CBOT market and a strong A$ added to the negative tone created by nervous financial markets.

After recent good rains crop conditions in Queensland, Victoria and most of NWS are average to above average said Graincorp in a statement.

The harvest is now getting underway in some areas and the company expects to receive 7.5-10mmt grain into it's storage operation in Eastern Australia the company said.