Price hit strongly again in Friday's CBOT trading. Expect another $4-5 to come out of the price on Monday, domestically.
The interesting aspect of our market atm is that basis is at historically high levels. Every time cbot falls, the lack of grower liquidity has been sending Aussie basis higher. You've seriously got ot question what's going to happen when growers finally come out of the woodwork and begin selling. Unfortunately, i can see a domino effect of lower prices, as basis weakens-out significantly. Hopefully strong yields will normalise farm profitability.
