Lack of fresh news keeps markets stagnant
August 31, 2017
It’s a familiar tale again this week with the seemingly ever-ample world stocks still keeping the downward pressure on global markets.
With a lack of fresh news for the market to respond to, prices remain bearish and at the mercy of continued high supply, limiting any significant market upside. Added to this, are reports coming from harvests in both Russia and the US of solid production and good yields.
Locally, grower selling remains static as we move out of winter with further pressure being added by the supportive AUD/US exchange range. Production wise, frost is a continuing worry as potential for a cold spring becomes likely, as are increasing numbers of both mice and Russian Wheat Aphids. With bearish global markets, it is still unknown to what extent local prices will be affected by these issues.