Australian Crop Update
FOB replacement values using Australian track bid/offer – not an indication.
Cash markets had a bid side tone all last week with strong export demand from bulk and container traders supporting the bids. Either way, Aussie FOB wheat and barley prices remain competitive and this will continue to buy strong export demand.
All states will benefit from rain, but yields in WA, SA and Vic will decline without rain in the coming weeks. Mild temperatures have helped to limit permanent yield losses so far despite the dry spring. The onset of heat will hasten yield declines without rain.
Weather forecasts added rain for eastern and south-eastern Australia after an extended period of dry weather. The rain fronts are not expected to offer any significant rain for WA or SA, although there are some follow-up rains in the 14-day forecast.
On the global front, we have the USDA report on Friday.
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