For many months now the managed money (funds or speculators) in the United States (US) futures markets have been holding substantial net shorts in both wheat (a record) and corn futures.
It was only two years ago that southern NSW experienced one of the earliest starts to harvest on record.
US wheat futures have had support during the past week from problems with the Canadian wheat harvest, where wet weather has caused downgrading.
Policy is never far from the fore in global agricultural trade, but in recent months there have been a swag of policy developments impacting global trade flows – much of them positive for Australian growers.
In global markets the USDA released their grain stock estimates for September 1 late last week, and there were surprises all round.