Uncertainties over the quality of the harvest are slowing grower selling and pushing up old crop prices.
Rain has delayed early wheat and barley harvesting in Queensland and will threaten grain quality if the wetter than usual pattern persists into November.
Northern NSW growers are also becoming increasingly concerned about the persistent wet weather and the impact on grain quality if the rain continues.
It's a nervous wait for farmers.
Weather models are showing that the wet weather could continue into next week.
- Department of Regional NSW to offer Harvest Leave to staff to help combat labour shortage
- Harvest contractors welcome at freight-friendly COVID testing sites
- September rain to give crops the perfect finish
International buyers are also hungry for milling quality wheat, but downgraded wheat will incur hefty discounts.
A significant feed wheat event would quickly saturate domestic feed grain needs and require it to be exported where it will compete against corn.
Global wheat, barley and canola markets remain buoyant, with Australian farmers in a prime position to take advantage of the high prices.
Poor crops in North America and Russia have run down international grain supplies, pushing world prices even higher.
Global buyers are also hungry for high protein wheat, which several Asian markets are demanding.
High protein wheat is commanding significant premiums into export markets following Canada's poor wheat harvest.
Eastern Australian grain growers are readying for another bumper winter crop harvest following a fantastic season.
Forecasts suggest yields to be above-average to well above-average in most regions.
In some cases, yields are expected to match last year's record levels, with growers in some parts expecting yields will exceed last year.
A smaller than expected Black Sea wheat crop has seen Asian buyers swing back to Australia, and this pattern is expected to continue well into next year.
Recent trade data has revealed that combined Victoria, NSW and Queensland wheat exports in August of 1.3 million tonnes were the largest for the current 2020-21 season.
The elevated appetite for Australian grain is expected to continue well into 2022.
Shipping slots have been fully booked through the first half of 2022, anticipating the ongoing strong demand for Australian grain and oilseed supplies.
New crop wheat, barley and canola ships are already being added to shipping line-ups in all states.
Love agricultural news? Sign up for The Land's free daily newsletter.