Also on 'Landline' today, grains consultant Ron Storey said that mainland China had been Australia's number one wheat customer in the last 12 months, purchasing between $500-600 million of wheat (up 570 per cent) but stressed that not only was any trade ban not certain (i.e. it may not occur) but also (perhaps more importantly) that normally Indonesia, Vietnam and Philippines would be our top three markets for grain.
Mt Storey said that last year, mainland China only accounted for 15 per cent of grain exports and that there were a range of other markets that could take wheat because 'we are very competitive'.
The price of Australian wheat declined during the week which was said to make us even more competitive with Black Sea graingrowers (i.e. the Ukraine and the like. Russia has had some drought issues).
GNC Price at posting:
$3.92 Sentiment: Buy Disclosure: Held
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