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Australia. Moscow's woes our wheatfarmers' gain as prices soar
10.08.2010 13:51 "Agro Perspectiva" (Kyiv) —
FOR once, drought is helping Australian farmers Russian drought, that is.
International wheat prices soared last week as bushfires raging over millions of hectares in Russia and the crippling of crops led the government to ban exports of the grain so domestic prices would not skyrocket and stock would not starve.
Moscows woes have been our farmers gain. On Pinecliff station, south of Gunnedah, wheatfarmer Richard Heath is anticipating prices for his 1000-hectare crop which he and his three brothers could only have dreamt about a month ago.
After the announcement of the Russian export ban on Friday, frenetic dealing on the Chicago Board of Trade saw prices rocket from about $300 to $370 a tonne in 48 hours.
It was the most amazing day that Ive experienced in terms of grain pricing since Ive been farming, Mr Heath said.
July recorded the steepest price increase over a month ever on the exchange. However, the roller-coaster could head down again, Mr Heath warned.
Through the great wheat-growing belts of the eastern seaboard, hope is blossoming as the rains have brought the promise of a good harvest, beginning in Queensland later this month and rippling through the NSW fields in November.
About 85 per cent of the 22 million-tonne crop will be exported, leaving wheat producers feeling the most comfortable they have been in about five years, said the chief executive of the Grain Growers Association, Peter Flottmann.
As drought also hit production in Kazakhstan and Ukraine, the Black Sea losses could contribute to Australias gain, particularly in south-east Asia. But risks remain until the harvest can be brought in. Too much rain could be as bad as not enough, and frosts, flooding and early October heatwaves all pose risks.
There is always something that will come along, Mr Flottmann said. It is very rare that you have a perfect season. With weather, diseases and pests, there is always something.
Right now, though, the mood in Australias eastern wheatbelt is upbeat. If the crop comes in it will be a fantastic boost, especially for farmers in the south and west who have had four, five even six years without any sort of decent crop, said Mr Heath.
And it will flow through the whole rural economy. You start spending money on replacing machinery, doing renovations on the house, all that money that just hasnt been spent before.
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