Grain Market Update - Wheat (April 2015)

The following graph shows the movement in Chicago (CBOT) December 2015 Wheat Futures price and the 2015/16 APW Multigrade price delivered port. For the year to date, both the futures and domestic prices have remained stable. Relative to long term historical prices, the current price is strong.  As the graph shows, the APW multigrade price on a port basis has been A$30 - $35 above the decile 8 price. This indicates that there is a greater chance of the price falling than rising in the short to medium term.

Currently the CBOT December 2015 Wheat Futures price is A$270/tonne equivalent and the APW Multigrade price is $302/t delivered port, reflecting a positive basis of A$32/tonne.