It is likely to be a combination of the two. Although delivered cereal prices have firmed over the week, traders noted that little has changed in the market conditions since the previous week.
Sellers are hard to tempt to the market and consumers still have cover to assume. The latter is especially true for the June/July delivery period.
Debate continues over whether this indicates a real deficit of certain grades of wheat, or whether farmers have genuinely been too busy working the land to market their grain. It is likely to be a combination of the two.
Taken from HGCA weekly MI Bulletin|
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