Australia wheat stocks rise nine percent in October

Wheat stored by Australian bulk handlers as at October 31 totalled 3.72 million tonnes, a rise of 8.8 percent, or 300,000 tonnes, from September 30 as the new harvest started to boost supplies, the government's Bureau of Statistics reported Monday.

Year-earlier figures weren't given.

Wheat held on October 31 comprised 3.03 million tonnes of milling grade, or 81 percent of the total, with feed grade comprising the 19 percent balance of 697,000 tonnes, it reported.

Of the wheat stored on October 31, 1.47 million tonnes, or 40 percent of the national total, was held in New South Wales, while 1.01 million tonnes, or 27 percent of the national total, was held in Queensland, with Western Australian stocks amounting to 922,000 tonnes, or 25 percent of the national total.

Wheat stocks typically peak after harvest late in the calendar year, then dwindle as a result of exports and domestic use.