Higher highs are coming especially on wheat and oilseeds like canola ...
Argentina, the last exportable surplus hope for wheat, has seen a big swing to barley because of the government bans regularly placed on wheat exports. People forget at planting time wheat was the least desirable option in both the Southern and Northern Hemisphere and as such oilseeds and alternate cereals were favoured. After all there was supposed to be a mountain of wheat out there when the reality was it was just USDA shorts which are rather unappetising to the famished.
Australia ain't going to help out much this year. WA is on a knife edge. Estimates from CBH have us at 9mmt after a 15mmt crop last year. I think that is overly optimistic. Subsoil moisture is about gonnas. Crops are late. -3 degrees last night so Jack is lurking too. That will pound flowering canola.
Its a correction IMO and an opportunity to get out of shorts. It hasn't even rained yet in the US and the 100 farenheit days are still with them ...
