Markets slipped lower this week but further problems for Southern Hemisphere wheat production helped generate a mild recovery on Thursday. In southeastern Australia, persistent rain and consequential flooding across thousands of acres of arable land is damaging yield and quality. At this stage it is uncertain what impact this will have on total Australian wheat production. Recent estimates are at 34 million tonnes which would be the country’s second ever highest crop after last year’s record of 36.3 million tonnes.

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