No good news' for Australian grain growers in latest world agricultural report
WA Country Hour By Tara de Landgrafft
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Posted yesterday at 5:23pm
Farmanco's Mae Connelly
PHOTO: Farmanco's Mae Connelly says the report confirms that wheat stocks are increasing. (Supplied)
RELATED STORY: Markets unfazed by yet another estimate of major over supply in grain markets
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The latest United States Department of Agriculture World Agricultural Supply and Demand Estimates Report, released overnight, has confirmed the over supply of wheat.
Wheat stocks in the United States are at their highest levels in almost 30 years.
But Farmanco grain marketing consultant Mae Connelly said so far, the markets in Australia and overseas had not reacted to the news.
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AUDIO: Mae Connelly talks about the April 2016 USDA WASDE report (ABC Rural)
"Absolutely no good news in the report," Ms Connelly said.
"Just another report confirming all the world stocks are just building and building and keep on increasing, and everyone's crops around the world are going well.
"So until we see a production issue in someone's crops, there isn't going to be any good news in prices."
Ms Connelly said the market knew the stocks were high, and everyone had been expecting the department to increase the numbers.
"The fact that they didn't increase stock numbers as much as expected has actually pushed all futures prices up a few cents last night," she said.
"We finally have a tiny bit of a rally in futures and of course the Aussie dollar does the dirty on us, pushing up a lot higher last night so no, we'd expect our local prices to be unchanged at best today unfortunately."
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