Yep agree it is the margins that count. Big factor in the margins though was the large supply in Australia. We literally couldn't export anymore if we tried. I knew exporters that would buy there proposed limit one day, then lower than price $10-15/t and still have plenty of growers keen to sell. The margins got to $40+/t whereas normally its a couple bucks.
Even if the EC does get rain this week we are forecast to only produce ~60% of grain that was produced last harvest.
Global wheat prices, page-16
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| GNC (ASX) Chart |