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Chicago wheat futures fell 17.25 US cents per bushel in the week to early December, but Australian cash prices did not fall as much, so basis levels recovered. ABARES data show east coast wheat supplies nearly sufficient for domestic demand.
A firmer Australian basis makes exports less competitive while domestic supply is ample, which may force exporters to accept lower margins or shift toward a two-tier domestic price structure. Weaker Chicago futures keep the global benchmark under pressure.
farmonline.com.auMalcolm BartholomaeusDec 9, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
