The trade is clearly lacking conviction leading into tonight's reporting. Wide spreads between the marketers for the last week or so. The swap was basically unchanged from y/day arvo and yet New crop off $4-5 on wheat in SA for example, QLD well off last week's $295 port. Really haven't seen a heck of a lot sold the last week anyway, except for QLD and parts of Vic.
My (guess) is the USDA report might turn out to be a non-event and whatever the outcome, eyes will revert straight back to the heatwave going on. If it stays dry, I can't see price not continuing higher.
