Aust Wheat $400???

[malleefarmer]

Think premium H1 wheat will get there this week, nobody has any so it can go as high as it likes.

Presume it is because Australia is basically the last counrty to harvest in calender year, and im not saying this to cause any agnst, but you guys had probelm after problem with your harvest and downgrading the same as us here in Aust, but the world didnt blink, Aust has probelms and the world is in almost panic mode??Why the difference.

Also there is evidence now that there is alot of unsaleable wheat here on the east coast will not be accepted by anyone, black furry shot soggy mess which vaguely resembles wheat.Not even feed lots, so this couldget super ugly.

Can anyone tell me how to post a picture on agriville or you cant??

[bucket]

There is a panic because the only game in town is the USA.

[Jagfarms]

Wheat Jumps to Four-Month High as Rain May
Delay, Damage Australian Crops
By Whitney McFerron - Dec 3, 2010 10:16 AM CT

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Wheat rose to the highest price in almost four
months on renewed concern that unusually heavy
rainfall in Australia will delay the harvest and
reduce grain quality.

Storms in eastern Australia, where 60 percent of
the crop is yet to be harvested, may drop as much
as 5 centimeters (2 inches) of rain next week,
Australia & New Zealand Banking Group Ltd. said
today in a report. The September-to-November
period was the wettest on record, according to the
country’s Bureau of Meteorology. Australia is the
fourth-largest wheat exporter.

The “forecast looks wet as far out as they can see”
in Australia, said Jeff McReynolds, the owner of
McReynolds Marketing and Investments in Hays,
Kansas. “Every time it rains, you’re turning some of
this wheat into feed wheat. It’s no longer top-
quality wheat anymore.”

Wheat futures for March delivery jumped 27.5
cents, or 3.7 percent, to $7.76 a bushel at 10:15
a.m. on the Chicago Board of Trade, after touching
$7.785, the highest for a most-active contract
since Aug. 6. Prices are up 13 percent for the week.

Before today, futures were up 56 percent since the
end of June, as drought in Russia and floods in
Canada cut output, while dry weather in the U.S.
Great Plains threatened winter crops.

Wheat is the fourth-biggest U.S. crop, valued at
$10.6 billion in 2009, behind corn, soybeans and
hay, government data show.

To contact the reporter on this story: Whitney
McFerron in Chicago at
wmcferron1@bloomberg.net.