A headache for grain growers
But for crop farmers, the rain’s timing is less kind.
“While the heavy rains are favourable for cattle producers, they could cause havoc for farmers readying to harvest their winter crops,” Voznesenski said.
He said the rain could lead to crop quality downgrades if they persist in coming weeks.
There may also be more wet weather to come in some states. Voznesenski noted the Bureau of Meteorology favours above-median November rainfall across WA and Queensland, while SA and Victoria are forecast to be drier.
Peace talks weigh on global grain prices
Meanwhile, overseas, peace deal discussions between Ukraine and Russia, along with good rain for the US winter wheat crop had pushed wheat prices lower, Voznesenski said.
Wheat prices fell 4.6% in the US and 2.7% in Europe over the week. But Australian wheat prices bucked the trend, rising 0.7%.
Canola followed a similar path offshore. Canadian canola prices fell 3.9% and European rapeseed dropped 5.4%, with the peace talks and new northern hemisphere oilseed supply weighing on prices, he said.
Local canola prices eased by between 0.8% and 1.6%.
Chickpea rally takes a breather
Australian chickpea prices eased 1.6% over the week, but they're still up 35% since 1 July.
Voznesenski said the approaching local harvest and more Russian and Ukrainian pulses moving through export routes outside the Black Sea are “expected to limit upside in prices moving forward”.
