Incessant wet weather jeopardises crop quality

Incessant wet weather jeopardises Queensland's wheat crop quality

ANALYSIS
Agribusiness
Southern Queensland is fronting up for a bumper winter crop harvest following a fantastic season. Photo by Shutterstock/crbellette.

Southern Queensland is fronting up for a bumper winter crop harvest following a fantastic season. Photo by Shutterstock/crbellette.

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Harvest delays push up nearby grain prices into southern Queensland as buyers' clamour for supplies.

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Harvest delays have pushed up nearby grain prices into southern Queensland as buyers' clamour for supplies.

Another band of light rain on the weekend stalled early harvest activity for the second time in two weeks with more rain expected in the coming days.

Farmers resumed barley harvesting late last week before the latest showers.

Harvest progress will continue to be stymied through this week with heavier storms forecast through to mid-October.

Early yields and quality have been pleasing but farmers are keen to see an extended period of dry weather to progress what's expected to be a near record large Queensland winter crop harvest.

Nearby trade shorts pushed nearby wheat values up $20 for the week to $370 delivered into the Darling Downs, while barley was up $10 to $305.

Uncertainties over the quality of the harvest are also slowing grower selling.

Early wheat deliveries have been going prime hard, but the quality will be jeopardised if the rain continues.

Global wheat, barley and canola markets remain buoyant with Australian farmers in a prime position to take advantage of the strong prices.

Southern Queensland, and more broadly eastern Australia, is fronting up for a bumper winter crop harvest following a fantastic season.

Yields are expected to be above-average to well above-average in most regions.

In some cases, yields are expected to match last year's record levels, with growers in some parts expecting yields will exceed last year.

Global wheat supplies have been run down by poor crops in North America and Russia, pushing world prices high.

A smaller than expected Black Sea wheat crop has seen Asian buyers swing back to Australia, and this pattern is expected to continue well into next year.

Recently released trade data showed that monthly wheat exports in August from Queensland and NSW were the largest for the current season.

Shipping slots have been fully booked through the first half of 2022 in anticipation of the ongoing strong demand for Australian grain and oilseed supplies.

New crop wheat, barley and canola ships are already being added to shipping line-ups in all states.

Global buyers are also hungry for high protein wheat, which several Asian markets are demanding.

High protein wheat into export markets is commanding big premiums following Canada's poor wheat harvest.

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