Australian farmers are not in a hurry to sell the accumulated stocks of wheat and to enter into transactions for the sale of future crops, harvesting of which will begin in October of this year.

The reason for this are expectations about the climatic conditions - it is assumed that the phenomenon La niña will affect the world grain production and raise prices, which are now at decade lows, according to Reuters.

According to the forecasts of U.S. meteorologists, the likelihood of La niña in August-October of the current year is equal to 55-60%.

Currently, the grain market has been an influx of new crop wheat from countries of the Northern hemisphere. In this regard, it can be assumed that the decline in sales of Australian wheat is unlikely to have a significant impact on world prices, however, may lead to the weakening of Australia in favor of the black sea countries.

At this stage you can observe the current price difference between Australian and black sea wheat which is about 30 Australian dollars (22,45$). This adversely affects the competitiveness of Australia's key export markets.

In June 2016, Australia has reduced the forecast for export volumes to Indonesia - the largest country-importer of Australian wheat.