The currency played a big part in the Australian dollar value of wheat prices last week. The week started with the dollar already elevated, and it moved, briefly, above 80 US cents in intra-day trading mid-week. Then the Australian dollar fell sharply particularly on Friday night last week, when an equally sharp rally in the US dollar pushed futures prices down, but allowed the A$ value of futures to remain close to unchanged.
We also saw positive action in futures mid-week before prices pulled back sharply. Mid-week last week nearby futures had their highest daily closing price for the year despite not quite taking out the contract highs set in January. We also had the highest monthly closing price for a nearby contract since April…
