Paul Deane News
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Wildfires are sweeping through parts of rural Australia as the biggest heatwave since 2001 spreads across the nation bringing near-record temperatures.
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Australia is facing its most wide- ranging heatwave in more than a decade as 80 percent of the continent is hit by temperatures above 40 degrees Celsius (104 degrees Fahrenheit), the Bureau of Meteorology said.
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Sugar imports by China, the world’s second-biggest consumer after India, may jump 35 percent as output trails demand, helping push global prices higher, according to Australia and New Zealand Banking Group Ltd.
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The deepest slump in Australian wheat shipments in six years will exacerbate the biggest contraction in global exports in a generation after droughts withered crops around the world.
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Wheat exports from Australia, set to be the world’s second-biggest supplier, are likely to miss a government forecast as production will be less than predicted, said two of the country’s banks.
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The global corn market may see 60 million metric tons “disappearing” as drought cuts the U.S. harvest, said Australia & New Zealand Banking Group Ltd.
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Corn and soybeans declined after surging to records as global economic concerns prompted investors to sell riskier assets, dragging down equities and commodities including crops and crude oil.
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Cotton may remain under pressure in the short term after prices tumbled in the past month, Australia & New Zealand Banking Group Ltd. said.
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Soybeans rose in Chicago for the first time this week on signs demand has yet to slow even after the worst U.S. drought in a half century lifted prices to a record last month. Corn and wheat gained.
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What follows are opening calls for U.S. grain and oilseed markets, which open on the Chicago Board of Trade at 6 a.m. Singapore time.
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