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Chicago SRW wheat and ICE and MATIF canola and rapeseed futures have fallen sharply over recent weeks, with SRW down about 30%. Local Australian wheat futures fell less, leaving a wide discount to international values.
Local new-crop wheat is currently cheap relative to international prices.
The wide basis and spread between local and international markets suggest that export parity is attractive. Feed buyers may find value locally, though international prices could rebound as harvest pressure eases.
mecardo.com.auAngus BrownJul 12, 2022Not enough comparable past events yet for a historical read.
Not 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.
Describes a broad collapse in wheat, canola and rapeseed futures over recent weeks, indicating risk-off sentiment across grains and oilseeds that could contribute to the sharp meal decline.
