Therefore I would have to say that a 48 to 50 cent trading range is likely until this market can build a stronger technical picture. The long and the short of it is that this market is trying, but still has a long way to go. This coupled with a strong Australian dollar will continue to conspire against what would be considered a reasonable price for the Australian producer.
Grains have taken a further hit over the last week from favourable weather in the northern hemisphere and improvements for original yield loss concerns from frost. Australian domestic prices are stable due to the market remaining nervous for the up coming season. Equity markets have remained stable.
Stephen Dalton, ECOM Commodities Pty Ltd, Australia
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