Prices remain strong
July 13, 2017
Wheat prices have remained strong after last week’s rally, with futures holding around the 540-550 USc/bu mark. We did see a slight correction to the market and a drop in values either side of the weekend however the market seems to now have settled somewhat. For how long it does settle for is unknown however with the latest USDA World Agriculture Supply and Demand Estimates (WASDE) report, released Wednesday night (12th July) Australian time.
Locally, new crop wheat values have held at the $300/mt mark which has seen some forward selling, however as a whole the grower still seems to be undersold in comparison to previous years. This current market has also seen some liquidation of old crop, particularly lower protein grades, with bids strong for both port and delivered end user basis.