Economics
Wheat Quality in Queensland Hurt by Rains, Group Says
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More than half of the wheat crop from Australia’s Queensland state may deteriorate to feed grade following heavy rain, tightening milling-quality supplies and potentially helping to extend a rally in prices.
“There is a lot of downgrading of quality because of the persistent wet weather,” Wayne Newton, grains president of Brisbane-based farm group Agforce, said today. The northern state may produce 1.6 million metric tons in all this season, according to a September forecast from the government.