Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Australia grain: rain clips prices, boost crops
SYDNEY , Australian prices of wheat, barley and sorghum fell strongly in the past week after good rain consolidated winter crops and sparked a rush of buying orders for cheaper new crop supplies.
Successive daily falls of at least 25 millimetres, or an inch, across most of Australia's vast grains belt pushed prices of wheat, barley and sorghum down by A$20 ($13.60) a tonne over the past 10 days, grains broker Fox Commodities told Reuters on Friday.
"We (are) very much more confident of our production prospects than we were 10 days ago," said Henry Wells of Fox Commodities.
On another major trader's book, prices of all grains fell by A$10-A$12, with basis prices, or Australian prices over Chicago prices, falling to around A$15 from around A$35.
The rising Australian dollar added to pressure on prices, this trader said. Good rains had turned many areas from marginal to excellent, traders said.
One saw the prospect of a 20 million tonnes "and a bit" Australian wheat crop, with rain bringing grain but not restoring yields to where they might have been had rain fallen earlier.
"It's not been the perfect year," he said.
Others said the market was still puzzling over why national wheat exporter AWB Ltd chose to downgrade its forecast of the wheat crop to 20-22 million tonnes from its previous forecast of 22-24 million tonnes on Tuesday after rain had started falling across most of the country.
Fox's Wells believes the downgrade may be too severe. Fox's reading is that rainfall in southern Queensland had turned crop prospects in the western Darling Downs from "very marginal to absolutely excellent", he said.
Elsewhere in the south of the state conditions were mixed. In New South Wales (NSW), prospects were split by the Newell Highway, which runs approximately north/south through the centre of the state.
West of the highway is generally "not great" while east of the highway is "very good", with the exception of a problem area south of Dubbo, Wells said.
Good rain also through the border region of south-western NSW and into Victoria state had produced great improvements, he said. And South Australia and Western Australia were looking "fantastic".
As reported on Thursday, AWB has been assuring its major export markets in Asia and the Middle East that it expects to have sufficient wheat from the new crop to satisfy demand.
However, doubts are lingering among major Asian buyers of Australian wheat about supplies from the 2003/04 April/March crop after drought slashed the 2002/03 crop to just 9.4 million tonnes.
Good recent rainfall should help to allay concerns. Australia is the world's second largest wheat exporter and is a major barley exporter.
MGR Archive 7.7.2003
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Russia Rapan $ 700
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