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Growers appear to be focusing their marketing around the back half of the year as they feel there could be greater demand at this time.
Offshore markets have been quite subdued over the past month due to favourable weather conditions across the US. Winter wheat growing areas as well as funds liquidating their wheat positions.
The increased competitiveness of US orgin wheat has provided some support to the market, however the weight of the sellers is winning out for now. Demand has increased for US wheat with wheat now displacing corn into the feed ration, and there is talk of wheat displacing corn in Ethanol production and increasing export business being concluded.
Current season grain values are trading at significant premiums to new season values as anticipation grows of a return to normalised northern hemisphere production dynamics, and tight supply situation prior to this new crop competition commences.