Wheat falls as Oz weather may allow harvest to resume

TOKYO: Wheat fell for the second straight day on speculation that dry weather in parts of Australia will allow farmers to resume a harvest that’s six weeks late. Less rain is expected in growing areas of eastern Australia, allowing fieldwork to continue, Accuweather.com said in a report.

Rain expected in parts of New South Wales and Queensland that will further delay collection may end next week, allowing farmers back into fields, Accuweather said. Wheat has gained 8.2% this month because of the Australian rains.

“Australia has seen a reprieve from heavy rainfall this week which has eased fear in the market,” said Alexander Bos, an analyst with Macquarie Bank in London. “The story may not be over yet, with more rain in the forecast for the weekend particularly across NSW and Queensland. Many farmers may not get back to the harvest until after Christmas.”

Wheat for March delivery fell 2.75 cents, or 0.4%, to $7.47 a bushel at 1:15 p.m. London time on the Chicago Board of Trade.