AUSTRALIA WHEAT WILL STRUGGLE.
Byline: S.KAMAL HAYDER KAZMI
Wheat prices will struggle for headway this year, National Australia Bank said, citing the potential test of an El Nino for Australian farmers, at risk of seeing a sharp drop in their next harvest.
The bank downplayed the potential for a revival in wheat prices left moribund by a series of strong harvests, the latest of which being the unprecedented 35.1m-tonne Australian crop.
Although there have been some modest downgrades to estimates for this year's Black Sea harvests, following cold weather threats to autumn-planted crops, and US sowings have fallen to the lowest in more than a century it remain unlikely that dollar prices [of wheat] will rise significantly this year.