2020 Wheat Harvest Turns into a Race to the Silo
We are off and racing, with the 2020 wheat harvest now underway in most states!
However, unsettled weather has slowed harvest to date across southern Queensland and northern NSW.
The threat of storms and rain has turned the 2020 harvest into a race against nature to get crops harvested and into storage before the inevitable major rain event.
This would be a devastating blow for growers who are looking to 2020 to be their saviour after a run of poor seasons. A wet harvest would also add to the global price volatility already occurring.
Russia’s drought is the cornerstone of this volatility, meaning major wheat importers are now far more dependent on Australian wheat as they struggle to secure wheat from overseas.
Meaning global traders will be watching Australian’s 2020 harvest, nervous about potential major quality downgrades.
One thing we do know is that no matter the quality, New South Wales is on course for record wheat production, easily outstripping the benchmark set in 2016/17.
And these strengthening world wheat prices are thus welcome news for Aussie farmers, where the focus has shifted to banking these great prices by getting grain off the paddocks and into silos.
The 2020 Wheat Harvest looks promising, but now is no time for rain!