See on the wheat barometer chart, the one on the daily bid sheets in the afternoon. The little green slice, that is how long US futures spends in the top 30% of historical prices. We are currently in the top 5% of prices. The chart would tell you these “opportunities” do not last for long periods of time.
The local numbers here may also tell you that as much as we’d love these US futures values for wheat to be reflected in local cash bids, new or old crop, it simply isn’t happening 100%.
This may, to the savvy punter, suggest that the greater opportunity may lay in US futures, options or swaps. Disclaimer time, I’m not advising you to do anything, I’m just stating what the numbers are saying and that I may need to re-open my US options trading account and possibly make / loose some money.
When SRWW futures are the same value as a drought stricken DNS wheat contract, maybe things are a little out of kilter. BUT maybe an extended drought in Canada and Nth USA will break records, enjoy your punting. http://www.worldagweather.com/#region=na&time=past&vrbl=pcpanom&nday=14.

Tunisia has stepped up for 100kt of durum from Casillo trading company. The price was estimated to be US$634.89 per tonne CnF. Supply origin is said to be S.America, US and Canada. Although roughly US$10 less than their previous purchase the value still equates to an ex farm LPP equivalent price of roughly over AUD$700.