Grain Market Update - Wheat (September 2015)

The following graph shows the movement in Chicago (CBOT) December 2015 Wheat Futures price and the 2015/16 APW Multigrade price delivered port.

During July, prices peaked with the APW Multigrade price at $337/tonne port and the (CBOT) December futures price at A$299/tonne equivalent. Although prices were at decile 9 levels, there was little scope for producers to capitalise on these, as conditions were dry and production uncertain.

Since July, the APW Multigrade price has fallen $57/tonne and the futures price has fallen A$41/tonne equivalent. The APW price is currently a decile 5 price.

Currently the CBOT December 2015 Wheat Futures price is A$258/tonne equivalent and the APW Multigrade price is $280/t delivered port, reflecting a positive basis of A$22/tonne.