Loading…
Australian wheat prices for the coming harvest look set to disappoint after the US wheat market fell to a new 10-year low. The drop followed Egypt cancelling a tender and a stronger US dollar after Federal Reserve remarks signalled possible rate increases.
September futures lost 19 cents and nearby contracts closed below 400 US cents per bushel.
Lower US futures and a firmer dollar reduce Australian export returns and cap the price farmers can get for the harvest. A stronger dollar also makes US-priced grain more expensive for importers outside the US.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystAug 30, 2016Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
