Small rally in CBOT after hitting lows
October 26, 2017
After a lacklustre week in the markets last week, we saw a rally in CBOT wheat values, up 10.75USc/bu on Monday night. This came after hitting contract lows in the previous session, with speculative short covering increasing values. With little to no fresh news since, markets have held at this level, closing at 438USc/bu on Wednesday morning.
With new season tonnes now starting to roll in across the state, it won’t be long until we see multi grade spreads start to settle for both wheat and barley. Generally quality is looking reasonably good at this stage, however it is still very early days and with such variability in growing season weather and rainfall across the state, this could change at any time.