The grain price gains are being underpinned by a bullish US Department of Agriculture Report which shows pressure coming onto global wheat supplies.
WITH the 10-year anniversary of the demise of the single desk one must ask themselves, is the grain industry better off?
Russia has harvested about a fifth of its winter wheat crop with early yields down by about 20pc from last year’s levels.
US wheat prices still remain sluggish, and seemingly cannot factor in the underlying train wreck that we appear to be heading towards.
Farmers through parts of the Nyngan, Tottenham, Trangie and Condobolin areas are just starting to draw breathe after a round the clock, last minute frenzy following the late June rain.
Plant growth will slow over the next few weeks as we move through what is typically the coldest stretch of winter.
The lift in the market so far this calendar year is modest, but it seems to be consolidating, and may be poised to provide a price base for a longer term shift in direction.
High hopes quickly turned to disappointment after last week’s forecasts turned out to be a northern fizzler.
While domestic markets remain relatively quiet, looking overseas, the northern hemisphere wheat harvest is starting to ramp up.