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Friday, December 3, 2010

Wheat-Crop Quality in Australia's Queensland Is Hurt by Rains, Growers Say

Wendy Pugh
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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