Australia wheat prices at 1-year high on dry weather.

Prices of the new crop wheat for January delivery in Australia touched a one-year high of A$265 a tonne (13,000 rupees) due to concerns over dry weather in the western part of the country. In western Australia, where the new crop has been planted, soil moisture is currently at record low and the weather bureau has forecast high temperature and little or no rainfall next week. The country is already grappling with low output concerns and wheat production in 2017-18 is seen 31% lower on year at 24.2 million tonne.