Global wheat prices have surged to mid-2023 highs due to escalating Russia-Ukraine conflict, driving a sharp market rally despite near-record regional harvests.

As Victoria prepares for the planned 2028 closure of the Yallourn coal-fired power station, concerns are rising over potential electricity price hikes and state energy grid stability.

The weekly wool report and the Eastern Market Indicator climbed by a further 11 cents, closing the week at 1,890 cents. 

The Australian Wool Industry Summit was on in Melbourne yesterday and the mood among growers was a positive one.

With regional rail overcrowding and the deployment of new V/Line trains becoming a major battleground ahead of the State election, transport infrastructure remains a critical issue for voters.