A 37 percent jump in global wheat prices since early June has boosted sales by Australia, the world’s fourth-biggest exporter. A slight dip in the dollar, plus the combination of that rise, has provided us with some good selling opportunities.
Wheat soared as a lack of rain in Russia, Kazakhstan and the European Union and floods in Canada hurt crops. Price gains may be sustained because of the weather and “tight” supplies of corn, said Matthew Rutter, head of trading at CBH Grain.
The wet weather in Canada’s main canola growing regions is also helping to push up prices for the oilseed in Australia. There is also talk that possibly up to one million acres of canola may not be sown.
Since the start of June prices here have come up by about $20 to $25 per tonne for new crop canola, which is a huge jump.
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