Bloomberg
More than half of the wheat crop from Australia’s Queensland state may deteriorate to feed grade following heavy rain, tightening milling-quality supplies and potentially helping to extend a rally in prices.
“There is a lot of downgrading of quality because of the persistent wet weather,” Wayne Newton, grains president of Brisbane-based farm group Agforce, said today. The northern state may produce 1.6 million metric tons in all this season, according to a September forecast from the government.
Wheat surged 7.2 percent yesterday on concern that downgrades and delays to the crop from Australia, the fourth- largest shipper, may curb supply of high-quality grain. There was “a little bit of panic” in the market, according to Austin Damiani, a floor broker at the Minneapolis Grain Exchange.
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