# Global pressure puts Australian harvest in weak position | VIC

> 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.

- Date: 2016-08-30 · published 2016-08-30T12:00:00.000Z
- Category: market · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/10611-global-pressure-puts-australian-harvest-in-weak-position-vic
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: bullish ▲
- WHEAT: bearish ▼

## Sources

- stockandland.com.au: https://www.stockandland.com.au/story/4128378/price-outlook-weakens/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.