West Australian wheat farmers warned of lower price.

An international grain forecasting expert has warned WA farmers they should not expect higher global wheat prices any time soon. Australian grain growers should watch the Australian dollar closely, as this would have the biggest bearing on their prices next season and beyond. Global wheat prices could decline to a seasonal low this year Record stocks of 546 million tonnes of major grains (wheat/corn/soybeans) meant the world was awash with grain and global plantings were at a record high. The global area harvested last year was 523 million hectares. A massive expansion in plantings in Ukraine, Russia, Brazil and Argentina, was contributing to the oversupply. Russia, the biggest importer of wheat was establishing itself as the world biggest exporter and had another 12 million hectares that could be cultivated.