The Emerald Group has given growers in northern New South Wales and southern Queensland a new high protein wheat grade to accommodate for quality downgrades due to recent rain.
The new grade, AH9, opens at $270 a tonne (free on board) and is a high-protein grade with low falling numbers, which Emerald says gives growers one more grade before feed.
Emerald's 2008/09 feed wheat estimates have been revised to $255/t (FOB), with the major influences on the market noted as cheap feed wheat from the Black Sea region which is putting pressure on global feed wheat values.
All other 2008/09 wheat pool values for the Emerald Northern Quality Wheat Pool remain steady with the benchmark APW at $332/t FOB.
Global milling wheats appear to have stabilised over the past two weeks, according to Chris Kochanski, Emerald’s grain merchant responsible for wheat marketing.
"Minor weakness in Chicago wheat futures has been counteracted by further erosion in the Australian dollar which is keeping values steady," he said.
"Russia have aggressively entered the feed wheat market which is impacting world prices and the weather events in NSW and over in the west have not helped matters.
"We continue to see some downgrades in quality in a number of regions nationally."
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