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Wednesday, June 10, 2015

How far can local wheat basis go?

By Angus Brown  |  Source: CME, ASX

Since the Bureau of Meteorology (BOM) firstly leaked its El Nino forecast, then confirmed it a few days later, local wheat prices have run up. And while CBOT Wheat has also rallied, new crop basis has hit a new high for this time of year. Given local wheat basis is so strong, how much higher can it go?

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