Australian Wheat Futures A$8 Lower
Australian wheat futures closed with January A$8 lower at A$292/tonne Thursday, pressured by a weaker CBOT market and rain forecast for South Australia.
After one of the driest Septemebers on record, southeastern agricultural districts of South Australia can finally expect rain this weekend.
On Friday afternoon, rain will spread over the southeast, from about Adelaide to Karoonda and Lameroo in the Murraylands. Falls of 10mm will occur, with widespread falls of 5mm. Further north and west, totals are likely to be less than 5mm.
Showers will re-develop on Sunday as a cold front moves over South Australia, and this front is likely to bring the coolest temperatures since mid September.
Temperatures will then remain close to or below average for the next week.
The cooler conditions and rain will provide some relief to crops suffering after recent very warm, windy and dry weather.
Wheat production in the region is now forecast at 2.71 million tons, down 17% from a month ago but still up 15% from last year, according to some reports.
After one of the driest Septemebers on record, southeastern agricultural districts of South Australia can finally expect rain this weekend.
On Friday afternoon, rain will spread over the southeast, from about Adelaide to Karoonda and Lameroo in the Murraylands. Falls of 10mm will occur, with widespread falls of 5mm. Further north and west, totals are likely to be less than 5mm.
Showers will re-develop on Sunday as a cold front moves over South Australia, and this front is likely to bring the coolest temperatures since mid September.
Temperatures will then remain close to or below average for the next week.
The cooler conditions and rain will provide some relief to crops suffering after recent very warm, windy and dry weather.
Wheat production in the region is now forecast at 2.71 million tons, down 17% from a month ago but still up 15% from last year, according to some reports.
