International grain prices chopped around this week as a battle emerges between improving nth American crop conditions and uncertainty over European production and grain market policies. Local grain values did well to hold against an appreciating $A, strong east coast cropping conditions and forecasts for rain across NSW/QLD. Ongoing dry conditions with little rain in nearby forecasts have WA cropping conditions popping up on international news wires. WA prices will likely remain firm until crop yields ae secured. Last week the grain market cooled as early European harvest results through southern France were better than expected. The European harvest is now moving into the main production areas of western and eastern Europe and by the end of this week we will have a better idea of the extent of the damage.

The 2010 Australian Planting Survey results have been finalised and, generally speaking there were few surprises. We would like to take this opportunity to thank everyone who took part. Overall we had 1540 responses, accounting for 2,349,016ha of plantings, which was 48% up on last year. The survey was conducted during July and therefore should reflect actual rather than planned plantings. In terms of the footprint on the grain belt by crop, the survey captured 1,265,426 wheat ha (or around 10% of the national wheat crop based on ABS 5-year average), 331,655ha of barley (7%), and an impressive 290,547ha of canola (23%).

Statistics from the Korea Import Trade Association (KITA) from January through June, show overall beef imports went up 21% compared to the same period last year, from 102,940 to 124,669t