Last Updated: July 08, 2015

Weather: Canberra -3°C - 12°C . Morning frost and fog.

Cropping

Global wheat production to rise, USDA says

wheat

Rise: The USDA report forecasts world wheat production for this year would increase 5 million tonnes. Picture: Zoe Phillips Source: Weekly Times Now

WHEAT futures fell early this morning after the US Department of Agriculture predicted a rise in global grain production.

The USDA report forecast world wheat production for this year would increase 5 million tonnes or 8 per cent or to 711 million tonnes.

Most of this increase is from Canada which is expecting a record crop of 37.5 million tonnes, and last Australia’s production was also raised 1 million tonnes to 26.5 million tonnes.

The UDSA said the near record world wheat supplies and increase export competition would reduce price prospects for US wheat.

And overnight US wheat futures prices fell sharply as a result of the report.

Commonwealth Bank agricultural commodity strategist Luke Matthews said Chicago Board of Trade futures broke through key support levels last night and settled at fresh contract lows.

Have your say

Skip to:
Read comments
Add comments

Add your comment on this story

Comments Form

1200 characters left

Your details
Post Options

Court delves into LGL collapse

 15/12/2003. Wheat delivered to GrainCorp Beulah bunker. grain, harvest, wimmera, mallee.

A  DIRECTOR of failed grain trader LGL Commodities denied the company sought to inflate stock levels.

Cows in ‘wow’ zone

Chopper dairy cows, Camperdown

STRONG cow prices will be here to stay as offerings have only one way to go and that’s down.

Supersized US beef exports

Supersized US beef exports

AUSTRALIA has already exported more than half of its beef quota to the US this year.

Growers told heat is on

Growers told heat is on

UNDERSTANDING how changing climates will affect apple and pear crops is crucial.

Surging volumes hit prices

1PP wool bale, superfine fleece

BUYERS forced prices to back off as big offerings overwhelmed the wool market again last week.

Paper off the rails

Paper off the rails

THE Federal Government’s new vision for the nation’s farmers promises new projects to boost farm profits.

Clubs prepare for drug testing

Generic photo of addict holding syringe ready for injection of heroin in Sydney, 03/11/1995.

WARNING and education are needed before drug testing is introduced in community football, figures say.

Cows in ‘wow’ zone

Chopper dairy cows, Camperdown

STRONG cow prices will be here to stay as offerings have only one way to go and that’s down.

Hi-tech seeder’s savings promise

Hi-tech seeder’s savings promise

NEW seeding overlap control technology is now available on ­Morris 9 Series air carts.

Maremma the movie

COUNTRY LIVING: Maremma at Warrnambool

THE two Maremma dogs bound around the grassy enclosure, barking at thin air.

Chance of rare winter cyclone

Chance of rare winter cyclone

A TROPICAL low poses a risk of developing into a rare out-of-season cyclone in the Coral Sea.