Ideas of Australia's newly-started grains harvest took a
step forward when CBH Group upgraded its forecast for the harvest in the top
producing state, while GrainCorp countered talk of poor quality in Queensland.
GrainCorp - the eastern-Australia focused grain handler
which has agreed a takeover by Archer Daniels Midland - said that the first
half of the central Queensland grains harvest had revealed "lower" volumes than
last year but "excellent" quality.
The harvest in southern Queensland had also shown "generally
The comments contrast with those last week from Australian Crop
Forecasters, the Victoria-based analysis group, which while lifting its
forecast for the national wheat crop to 25.9m tonnes, said that the Queensland
harvest had "kicked off with little to celebrate" in central areas,.
"The bulk of wheat is coming in is reportedly ASW," a lower
protein grade of wheat, with a "real lack" of higher-protein APH2.
"Growers to date have reported below-average [levels of] APH2."
However, Australian Crop Forecasters received backing from
CBH Group, the Western Australia grains handler, for an upgrade to the grains
harvest in the top grain-producing state.
ACF pegged the state's combined wheat, barley and canola crop,
the great majority of the grains harvest, at 12.8m tonnes.
CBH on Monday upgraded its view of the Western Australian grains
harvest to 12.7m-13m tonnes.
A month ago the co-operative raised to 10m-10.6m tonnes,
from 9m tonnes, its forecast for its receivals of grains in 2013-14, a figure which
excludes some 1m tonnes expected to be delivered to rival handlers.
Abares, the official Australian commodities bureau, last
month pegged Western Australian output of the three crops at 10.9m tonnes, but
ideas for the harvest have improved with consistent and above-average rains
during the grain-fill period.
CBH forecast "potential record receivals", of up to 3.2m
tonnes, in the Albany zone, in the south west of the state, while in Geraldton,
further north, there was a "good vibe" among growers.
In the important Kwinana region, also on the west coast, "with
good rain through much of the Zone through the spring a harvest of
approximately 5.5m tonnes is expected".
Indeed, CBH Group, which handles the vast majority of the
Western Australian cereals harvest, on Wednesday raised to 10m-10.6m tonnes,
from 9m tonnes, its forecast for its receivals of grains overall in 2013-14.
Western Australia wheat for January closed on Monday unchanged
at Aus$285.00 a tonne in Sydney, losing some premium over east coast wheat, which
for January closed up 0.5% at Aus$280.00 a tonne.