The trade is clearly lacking conviction leading into tonight's...

The trade is clearly lacking conviction leading into tonight's reporting. Wide spreads between the marketers for the last week or so. The swap was basically unchanged from y/day arvo and yet New crop off $4-5 on wheat in SA for example, QLD well off last week's $295 port. Really haven't seen a heck of a lot sold the last week anyway, except for QLD and parts of Vic.

My (guess) is the USDA report might turn out to be a non-event and whatever the outcome, eyes will revert straight back to the heatwave going on. If it stays dry, I can't see price not continuing higher.