The marked is still very bearish on Chicago, which is being reflected by big speculative short positions. Kansas City and Minneapolis futures are also under pressure as US wheat becomes increasingly uncompetitive due to the high US dollar. US wheat futures have dropped every day for the past seven days, and there is a feeling in the US that futures may have to get cheaper to 'buy' demand for US wheat. Selling on KCBOT and Minneapolis is starting to weigh heavily on futures and our pool returns. Localbasis in Australia is starting to pick up as domestic demand from cash buyers starts to kick in, but the overall value of the APW pool is still lagging five-year averages by 43 dollar per tonne. The game plan differs by state and by grade this year. Most SA and WA growers have no choice but to sell to a pool, but elsewhere growers will have to look at each grade separately.
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