Australian Wheat Edges Lower As Harvest Progresses

Australian wheat futures are lower this morning, with ASX January down A$2.50 at A$273/tonne and ASX March A$5.70 lower at A$275/tonne.

Downwards pressure comes from last nights weaker CBOT close and also the advancing harvest.

Harvest progress in southern Queensland is estimated at 70% complete, and around half done in northern NSW.

Rains forecast today/tomorrow in the region will likely slow the harvest however, traders say.

Still, farmer selling in this part of Australia remains relatively light, with farmers concentrating on getting the harvest in and into storage.