GrainCorp chief executive Mark Palmquist said prices were as low as they were in the 1980s and unlikely to improve.

“It is going to take time to work all the grain through,” he said.

“There has just been very little in the way of supply disruption that could see the price of grain rise.

“The Black Sea has had a couple of tremendously good seasons, South America has done well, so you’ve got a big supply and further supplies coming in – it is easy to see why prices have been kept low.”

Rupanyup farmer and Grain Producers Australia chairman Andrew Weidemann said the low prices were concerning to growers, especially on the brink of a good harvest.

“Growers are generally pretty happy with yields, but price wise, we have only seen some spikes in the market because of the slow nature of this year’s harvest,” he said. 

“There will be an early window at harvest where growers can liquidate some grain, if they have started stripping, but once we get into it, prices will probably decline even further.”

Mr Weidemann said there could be a big upswing of growers storing grain on farm this year.

“The market is pretty flat because of the overall demand for grain,” he said.

“China has come into the market in the past week or two and is buying barley again – hopefully they will create some extra competition.”

Mr Weidemann said growers had to be optimistic about the future.

“We have good soil moisture and will have heavy stubble to help reduce the effect of heat in summer, so if grain prices improve we’ll be in for a good year next year,” he said. 

“We just have to get this one in the bin first.”

Wimmera Mallee Grain Services’ Tim Edgerton said while prices were down, they were still a long way off record lows. He said prices for feed one barley remained firm.

“Same goes with canola with a $500-site price being a good value based on long-term averages,” he said.

Mr Edgerton said the pulse market was volatile with faba beans at $260, and field peas at $290. 

“The news of a massive lentil crop, although great news, has meant prices fell roughly $40 since last week,” he said.