Wheat markets remain volatile
July 27, 2017
Wheat markets have been dominated by offshore weather markets with plenty of volatility, namely influences from US Spring wheat and row crops such as Corn and Beans.
Locally, the trade has been somewhat defensive looking only to cover near term shipping and domestic commitments, while grower selling activity remains subdued.
Despite the run up in US futures market and subsequent pullback Australian wheat remains well over priced compared to other origins such as that from the Black Sea.
The south east Asian consumer remains a hand to mouth buyer while the local consumers have just started to show some interest in new crop however not falling over themselves at current values.