While final figures are yet to be determined, NAB Agribusiness says the 2019-20 season will be the worst winter cropping season for yields since 2007-08.
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The February Rural Commodities Wrap said conditions in NSW and Queensland were particularly poor, while Victoria — and to a lesser extent South Australia — had decent yields.
The report said Australian grain continued to trade well above international benchmarks.
“Arguably, Australia now has some of the most expensive wheat in the world,” the report said.
“That said, prices are below the late 2018 peak and at least this season, stock feed for NSW and Queensland could be bought from Victoria and South Australia rather than Western Australia (as occurred the previous season).
“We see prices staying high for the next few months until the break becomes clearer, helped by a lower Australian dollar and elevated lot feeding.”