Australian Wheat Futures Dive

Australian wheat futures closed sharply lower Monday with ASX January dipping below the psychologically important A$300/tonne level at one point.

At the close of trading Jan finished A$10 lower at A$300/tonne and Mar A$15.60 lower at A$301.80/tonne.

Good rains over the weekend in Western Australia of 20 to 40mm should pretty much ensure the crop there.

Rains of up to 50mm are forecast for southeastern Australia later in the week which should also benefit crops there.

A sharply weaker CBOT market added to the downside pressure, traders said.