QLD Total 1,631, , , , , ,455 66,075 26,441 % 27% 26% 10% 15% 17% 4% 2% $50 $40 $30 $20 $10 -$10 -$20

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1 '000 MT 19 August, 2013 Mackay Fcast Prod: 94,893t 12/13 (ACF EST): 106,375t Fitzroy : 214,652t 12/13: 224,673t Wide Bay Burnett : 13,825t 12/13: 13,789t South West : 449,423t 12/13: 493,703t Darling Downs : 858,827t 12/13: 822,500t APH AH AUH APW ASW GP/FEED Misc Brisbane 1,322, , , , , ,311 39,662 26,441 Gladstone 214,652 55,809 51,516 15,026 27,905 49,370 15,026 Mackay 94,893 19,928 21,825 4,745 14,234 22,774 11,387 QLD Total 1,631, , , , , ,455 66,075 26,441 Forecast production figures for new season wheat in Queensland were lowered quite significantly this month on the back of the results of our ACF Planting survey of which a reduction in intended land allocation to wheat was a common theme from many growers. We re now forecasting QLD to produce 1,631,620t in. A 2% decline on last year. Wheat spreads found a way to tighten further somehow in QLD with the average price for APH narrowing from July highs into sub. This continues to illustrate the tightness of the feed grain markets throughout QLD. Germination is looking fantastic in parts of the Darling Downs with rainfall to date providing ideal growing conditions. Further north there is still significant rainfall needed to achieve at least an average crop yield this season. Growing Season Rainfall (Apr-Aug) stands at 91mm, slightly higher than the Long term median of 88mm. production estimates for 13/14 are expected to see higher than average AH and APW. The increases are expected to come at the expense of ASW volumes from last years ratio. % 27% 26% 10% 15% 17% 4% 2% Old Crop: APH AH AUH A P W ASW AGP FED d QLD Brisbane 12/13 APW Wheat Spreads ACF Wheat Quality Report August $ / / /12 APH AH APW ASW GP/FEED APH H2 ASW AGP -

2 North Western Fcast Prod: 945,381t 12/13 (ACF EST): 1,160,000t Northern : 1,720,775t : 1,548,000t Murrumbidgee : 1,545,940t : 1,533,400t Central West : 1,275,647t : 1,116,000t Murray : 1,028,975t : 967,200t South Eastern NSW : 247,646t : 193,800t APH AH AUH APW ASW Durum GP/FEED Misc Brisbane 258,116 61,948 49,042 41,299 40,008 33,555 10,325 7,743 11,615 Newcastle 2,535, , , , , , , ,848 25,356 Port Kembla 2,787, , , , , , ,354 27,871 Melbourne 1,183,569 35, , , , ,235-82,850 47,343 NSW Total 6,764,364 1,124,061 1,603, ,866 1,169,717 1,134, , , ,185 % 17% 24% 14% 17% 17% 4% 6% 2% The state seems to be divided with everywhere south of Central meeting or exceeding average rainfall whilst the Northwest and Northern regions are struggling considerably with the reduced acreage they did commit to soil. The dry sown crops across the south of the state have germinated well to date, especially around the Murray region which has enjoyed quality follow up rainfall. GSR (Apr-Aug) for the state as a whole is 157mm, trumping a long term median of 130mm in the same period. BoM has maintained it s forecast of and 80% likelihood of a wetter than average season across southern NSW. Northern regions are predicted to be between 70-75% of above average rainfall. APH premiums narrowed slightly from last month, averaging $17 for August to date. Most other grades are now trading within a $4 range of one another. Durum prices maintained their premium for much of the month. A return to average grade splits is the current forecast which will see a reduction in ASW and an increase to APH and GP volumes. APH DR H d NSW 2009/ / /12 APH AUH AH APW ASW GP/FEED Newcastle 12/13 APW wheat Spreads AP W ASW AGP FED APH H2 ASW DR1 ACF Wheat Quality Report August

3 Mallee : 1,283,892t : 1,032,095t Loddon : Fcast Prod: 160,720t (ACF Est): 178,741t Goulburn : 301,721t : 303,194t Wimmera : 879,827t : 739,467t Ovens-Murray : 39,957t : 36,442t Western District : 155,605t : 193,610t Barwon & Melbourne : 92,235t : 95,773t Central Highlands : 207,211t : 241,808t AH AUH APW ASW GP/FEED Misc Melbourne 1,248, ,933 24, , ,178 62,423 12,485 Geelong 780, ,664 15, , ,299 85,832 15,606 Portland 936, ,724 9, , ,178 56,181 9,363 Port Adelaide 156,058 67,105 3,121 57,742 26,530 1,561 - VIC Total 3,121, ,426 53,060 1,083, , ,997 37,454 % 30% 2% 35% 26% 7% 1% Victoria s impressive rainfall since the May 31st break continued throughout July and into August which has seen crops start rise and fertilizer stockpiles begin to fall. Since last month we have increased Victoria s yield prospects by 2% on the back of the continued strong rainfall totals. The BoM forecasts continue to provide good news for the state with almost all growing regions forecast at an 80% likelihood of achieving above average rainfall. Track grade spreads have remained tight and relatively unchanged since June across Victoria with H1 prices beginning to tick up slightly. The return to average grade splits continues to see a sizeable reduction in ASW production from Victoria with APW +120k, AH +250k and GP +150k. GSR (Apr-Aug) has been 154mm versus a long term average of 145mm. A good result given the state barely saw a drop for April and 30 days of May. August is expected to see 440k of wheat exported from Victoria. This is the second highest monthly volume this marketing year d VIC 2009/ / /12 AH APW ASW GP/FEED Geelong 12/13 APW wheat spread H H A P W ASW AGP FED H1 H2 ASW AGP1 -$50 ACF Wheat Quality Report August

4 Northern Fcast Prod: 394,432t (ACF EST): 328,081t Eyre : 1,805,619t : 1,347,020t Murray Lands : 617,720t : 571,257t Yorke & Mid North : 1,120,386t : 1,097,637t Outer Adelaide : 149,153t : 132,770t South East : 155,117t : 149,809t AH AUH APW ASW Durum GP/FEED Misc Port Adelaide 1,462, ,796 29, , ,005 73, ,450 14,621 Wallaroo 487,362 87,725 4, , ,093 92,599 53,610 4,874 Port Giles 487,362 92,599 4, , ,967 73,104 43,863 4,874 Port Lincoln 1,570, ,633 15, , , ,507 - Thevenard 234,730 68,072 2,347 91,545 56,335-16,431 - SA Total 4,242, ,825 57,045 1,391,893 1,290, , ,860 24,368 % 18% 1% 33% 30% 6% 11% 1% SA s season continues to impress. This month we raised the state s production forecast by 6% on the back of our ACF Planting survey findings and improved yield prospects. GSR (Apr-Aug) for SA has been 201mm versus a long term median of 153mm, illustrating the high quality of growing conditions experienced in the state this season. With the exception of Durum 1 and Feed, the remaining grades are all trading within a $7 spread in the Port Adelaide port zone. Some concerns are being raised about the follow up rains in the north of the Eyre districts however this remains the only area of real concern for the state. splits for the SA crop are at present in line with long term averages. This should result in an increased output of GP/Feed and also Durum (other). AH volumes are expected to decline from last year. ACF shipping stem indicates that 250,000t will be exported from SA in August, more than twice the volume seen in July but still below the state s seasonal average of 296,000t since October d SA 2009/ / /12 AH APW ASW GP/FEED Other Port Adelaide 12/13 APW wheat spreads DR H DR1 H2 ASW AGP1 H AP W ASW AGP FED ACF Wheat Quality Report August

5 Central Fcast Prod: 1,526,200t 12/13 (ACF EST): 1,212,385t Midlands : 2,929,846t : 2,432,386t Upper Great Sth n : 1,318,403t : 1,020,510t Lower Great Sth n : 674,139t : 720,583t South Eastern : 839,077t : 816,000t AH AUH APW ASW Noodle Soft GP/FEED Geraldton 1,819, ,523 54, ,017 18, ,494-36,384 Fremantle 3,559, ,364 71,195 1,352, , ,351 35, ,987 Albany 1,168,646 81,805 11, , , ,865 23, ,670 Esperance 755,169 98,172 7, , ,034 7, ,724 WA Total 7,302,743 1,296, ,009 3,083,687 1,162,187 1,037,262 58, ,764 % 18% 2% 42% 16% 14% 1% 7% WA continues to strive throughout what has been a trying season. Results from the ACF Planting survey indicated that a higher total figure of Ha s were planted in WA this year (due to the promising start no doubt). As a result we have increased our total wheat Ha s 8% due to the findings but alternatively have reduced yield prospects by a similar amount for the state. GSR (Apr-Aug) for the overall state of WA are at 129mm versus a long term median of 183mm. This highlights the demand for rainfall in the state. The Esperance region is one exception in WA which, in parts, is struggling to dry off. Very little further growing season rainfall is predicted to be needed in order to achieve average to above average crop yields. Crops in the Albany zone a striving to reach average yield output this season. Geraldton and Kwinana port zones remain the areas of most concern. Summer weed spraying in these areas going some way to saving soil moisture from summer rainfall for the crops. Old season H1, H2 and APW continue to move within $2 of each other. Feed wheat however has extended it s discount by a further $5 to an average monthly spread of -$73 for August. H $80 $60 d WA 2009/ / /12 AH APW ASW Noodle GP/FEED Kwinana 12/13 APW wheat spreads H1 H2 ASW ANW1 AGP1 H ANW A P W ASW AGP FED ACF Wheat Quality Report August

6 '000 Tonnes Wheat Quality by State State APH AH AUH APW ASW GP/FEED Durum Noodle Misc Total QLD 445, , , , ,455 66,075 13,221 13,221 1,631,620 NSW 1,124,061 1,603, ,866 1,169,717 1,134, , ,885 11,836 90,024 6,764,364 VIC 925,426 53,060 1,083, , ,997 28,090 9,363 3,121,166 SA 761,825 57,045 1,391,893 1,290, , ,807 24,368 4,242,428 WA 1,296, ,009 3,083,687 1,162, ,764 1,037,262 58,970 7,302,743 National 1,569,979 5,004,932 1,341,178 6,968,791 4,673,995 1,714, ,913 1,077, ,947 % 7% 22% 6% 30% 20% 7% 2% 5% 1% 23,062,321 Wheat Quality by Port Zone Port Zone APH AH AUH APW ASW GP/FEED Durum Noodle Misc Total Mackay 19,928 21,825 4,745 14,234 22,774 11,387 94,893 Gladstone 55,809 51,516 15,026 27,905 49,370 15, ,652 Brisbane 432, , , , ,866 60,312 23,545 14,511 1,580,191 Newcastle 608, , , , , , ,560 25,356 2,535,605 Pt Kembla 418, , , , , ,354-27,871 2,787,075 Melbourne 35, , , , , ,273 24,320 35,507 2,432,035 Geelong 171,664 15, , ,299 85,832 15, ,292 Portland 224,724 9, , ,178 56,181 9, ,350 Pt Adel 344,901 32, , , ,011 73,104 14,621 1,618,144 Wallaroo 87,725 4, , ,093 53,610 92,599 4, ,362 Pt Giles 92,599 4, , ,967 43,863 73,104 4, ,362 Pt Lincoln 235,633 15, , , ,507 1,570,888 Thevenard 68,072 2,347 91,545 56,335 16, ,730 Geraldton 618,523 54, ,017 18,192 36, ,494 1,819,184 Kwinana 498,364 71,195 1,352, , , ,351 35,597 3,559,743 Albany 81,805 11, , , , ,865 23,373 1,168,646 Esperance 98,172 7, , , ,724 7, ,169 Total 1,569,979 5,004,932 1,341,178 6,968,791 4,673,995 1,714, ,913 1,077, ,947 23,062,321 8 Australian Wheat Profile 1,500 Year On Year Wheat Quality Variance , ,000 0 APH AH AUH APW ASW GP/FEED Durum Noodle Soft -1,500 APH AH AUH APW ASW GP/FEED Durum Noodle Soft ACF Wheat Quality Report August