Grain Market Update - Wheat (June 2014)

The following graph shows the movement in Chicago (CBOT) December 2014 Wheat Futures price and the 2014/15 APW Multigrade price delivered port. The graph shows an increasing price trend to mid May, followed by an easing during the past month in the lead up to the Northern Hemisphere harvest. The basis has been consistently positive for the year, peaking at A$42/t over CBOT December 2014 Wheat Futures.

For the period shown, the APW Multigrade price has traded between $16 and $64/t above the Decile 8 APW price. Although prices have softened considerably over the last month, the current domestic price delivered port is still $29 above the Decile 8 price.

Currently the CBOT December 2014 Wheat Futures price is A$253/tonne equivalent and the APW Multigrade price is $294/t delivered port, reflecting a positive basis of A$41/tonne.