Weaker Australian dollar supports prices

A weaker Australian dollar offered support to local grain markets.

The Australian dollar has fallen by near two cents in the past week, or more than 2.3 per cent, which in theory makes Australian grain exports more competitive into overseas markets.

Traders are showing an increased willingness to soak up old crop supplies on expectations of another large export season in 2021/22.

Old crop grain prices into the Darling Downs strengthened by $3-5 a tonne last week. Stock feed wheat was $3 higher at $326 delivered into the Downs while feed barley was up $5 at $310.

Recent wet weather in the north is adding to the upward pressure in the old crop prices. Grain movements have slowed as farmers struggle to access on-farm supplies. Patchy rains resulted in falls of 10 millimetres to more than 40mm in southern Queensland and northern New South Wales in the past week.

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