New Zealand grain markets are quiet again after a period of elevated selling linked to the drought.
NZX AgriFax primary industry analyst Ivan Luketina said the drought led to palm kernel expeller supplies selling out and the price of barley rising to be equal with wheat.
But he said the heat went out of the market lately and buyers are now looking to secure supplies for later in the season.
A fall in Australian wheat prices followed a discovery that the United States had 5.4 billion bushels of corn - when it was earlier thought that stocks totalled five billion.
Mr Luketina said that's the difference between really short stocks and ample supply.
