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While the market is showing some volatility, it continues to trade in a range, especially in US terms; last night it returned to the bottom of the range. Our expectation is that harvest pressure (still only 20% harvested in the US) will see it break this bottom, but that it is also partially reliant on weakening corn prices. These are currently around $15/t more expensive than wheat, which is not the norm.
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Mecardo information is provided to assist in your marketing decisions. It contains a range of data and views on the current market. It is not intended to constitute advice for a specific purpose. Before taking any action in relation to information contained within this report, you should seek advice from a qualified professional. The information is obtained from a variety of sources and neither Mecardo nor Ag Concepts Advisory will be held liable for any loss or damage whatsoever that may arise from the use of information or for any error or mis-statement contained in this report.