Warren Landers says we are now in a bear fuelled futures market.
While this rain was very beneficial, particularly in the Castlereagh river system, it is hugely important we see timely follow up rain.
US farmers are expected to leave area idle or expand grazing areas due to challenging planting conditions, low prices and global market uncertainty.
The chart of Australian dollar values for nearby Chicago Board of Trade wheat futures is interesting.
Last week's rain was a start, but soils are bone-dry, and significantly more rain is needed to ensure a normal winter crop planting.
Last week, new crop wheat, barley and canola were priced around $330, $275 and $570 a tonne respectively in Port Kembla track markets.
Oats are expected to be planted on the rain, but farmers will be looking for more moisture to proceed with other crops such as canola and wheat.
If you have been watching the futures market during the past four weeks, you would be forgiven for feeling a bit like a nervous wreck.