Australian Wheat Leaps A$10.50
Benchmark Australian ASX January milling wheat is A$10.50/tonne higher overnight at A$288/tonne following Chicago's lead.
There is some talk of crops failing in the northern half of Victoria ans SW NSW unless soaking rains arrive urgently.
ABARE last month said Victoria would produce 2.7mmt of wheat this season, less than 10% of their anticipated national output of 22.5mmt.
ABARE's figure is towards the high end of trade estimates with most in the region 20-22mmt, although some are citing figures as low as 18mmt.
A lot seems to depend on the weather from here on in, particularly in WA, the country's top producing and exporting state, which typically accounts for 40-45% of total national output.
There is some talk of crops failing in the northern half of Victoria ans SW NSW unless soaking rains arrive urgently.
ABARE last month said Victoria would produce 2.7mmt of wheat this season, less than 10% of their anticipated national output of 22.5mmt.
ABARE's figure is towards the high end of trade estimates with most in the region 20-22mmt, although some are citing figures as low as 18mmt.
A lot seems to depend on the weather from here on in, particularly in WA, the country's top producing and exporting state, which typically accounts for 40-45% of total national output.