Australia Wheat Closes Lower As More Rain Arrives
Australian wheat futures closed with benchmark Jan ASX A$2 lower Wednesday following a sharply lower Chicago market.
Serious chart damage was inflicted in the overnight CBOT market as the December contract hit a fresh intraday low for 2008 of $7.57/bushel before settling 34 1/2c lower at $766 3/4.
An Australian dollar close to 12-month lows against the USD added some support traders said.
However recent weekend rains and the prospect of more to come later in the week are seen as beneficial and are pressuring prices lower.
Western, central and southern parts of Queensland can expect widespread rain during the next few days with some places gaining more than 50 millimetres.
Computer models are predicting a sharp upper trough to move over the east, causing a low pressure cell to develop over southeast QLD and northeast NSW. This will mean heavy rains for the region, thunderstorms and gale-force winds.
Rains continued to pour over central and southern Queensland overnight and during Wednesday, with some heavy falls picked up.
The most outstanding rainfall total received was in Longreach, in the heart of the state. The Airport received 45mm to 9am, its heaviest September rains in at least 45 years. It was also the wettest it has been in a year and a half.
Tomorrow, the rainfall area will broaden and spread eastwards, with models predicting up to 50mm over the southeast inland. By Friday, this rain should have contracted mostly to the coast and ranges.
Serious chart damage was inflicted in the overnight CBOT market as the December contract hit a fresh intraday low for 2008 of $7.57/bushel before settling 34 1/2c lower at $766 3/4.
An Australian dollar close to 12-month lows against the USD added some support traders said.
However recent weekend rains and the prospect of more to come later in the week are seen as beneficial and are pressuring prices lower.
Western, central and southern parts of Queensland can expect widespread rain during the next few days with some places gaining more than 50 millimetres.
Computer models are predicting a sharp upper trough to move over the east, causing a low pressure cell to develop over southeast QLD and northeast NSW. This will mean heavy rains for the region, thunderstorms and gale-force winds.
Rains continued to pour over central and southern Queensland overnight and during Wednesday, with some heavy falls picked up.
The most outstanding rainfall total received was in Longreach, in the heart of the state. The Airport received 45mm to 9am, its heaviest September rains in at least 45 years. It was also the wettest it has been in a year and a half.
Tomorrow, the rainfall area will broaden and spread eastwards, with models predicting up to 50mm over the southeast inland. By Friday, this rain should have contracted mostly to the coast and ranges.