Continued rain and sodden paddocks have stalled winter crop planting, with some farmers saying they may not seed all the intended area.
Southern Queensland grain farmers received more unwanted rain on the weekend. Most areas across the Darling Downs saw a further 15-30 millimetres on Saturday, with some of the heaviest falls around Goondiwindi.
Paddocks were already saturated before last week's rain following the torrential rains in May. Miles recorded 150mm in May, which is six times the monthly average. Regionally, Dalby, Toowoomba and Goondiwindi all received well above-average May rainfall.
Farmers across the Downs say they have planted less than half of the intended wheat area. It will be at least a week before paddocks are dry enough to hold the weight of machinery, so long as it doesn't rain again.
Crops that have been planted are also suffering because it's too wet. Crops have emerged, but most are waterlogged, and seedlings are turning yellow.
Some farmers are already considering holding off planting wheat late, in favour of sorghum and other summer crops in late August. Wet weather is also hindering winter crop planting in parts of NSW. Large areas of the Central West are struggling to plant wheat crops, with some parts still inundated.
Domestic markets came under pressure last week as global wheat futures tumbled. United States Chicago Board of Trade wheat futures plunged 10 per cent as pressure builds to allow grain exports from Ukraine. World wheat markets are extremely sensitive to the possibility of a resumption or partial resumption in grain exports from Ukraine.
It's been one-way traffic for wheat futures since the war in Ukraine commenced in late February, as traders struggle to see how importers can access sufficient supplies to meet demand without Ukraine. Wheat surged higher on speculative buying.
Investor funds turned aggressive sellers in the biggest selloff since the war in Ukraine started, as pressure mounts on western leaders to find a solution to a looming food crisis in Africa. Russia is wedging western leaders between famine in Africa or lifting sanctions implemented after they invaded Ukraine.
Domestic markets were softer last week as the global futures washout flushed out some local sellers. Sellers were limited, and volumes light. Downs stockfeed wheat fell $10 to $495 delivered into the Darling Downs.
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