IT wasn't that long ago when Australian wheat prices were among the most expensive in the world.
This was for good reason, as the long stretch of drought left Australian wheat in short supply and domestic consumers scrambling to secure their requirements.
If we fast forward to today, despite prices still looking elevated, we have gone from the top shelf to the bottom draw in quick succession.
Australian wheat prices are now about the cheapest in the world (for comparable quality), which after our quality and geographical advantage (into South East Asia) is accounted for, puts us squarely in the global wheat bargain bin.
There is good reason for us to be priced like we are, we have the second biggest crop in history piling into bunkers and bins.
Logistics are at capacity across the country, while growers are eager sellers at current prices, meaning bids are retreating relative to the rest of the world to allow for carry costs (storage outside of Western Australia) plus interest).
This isn't the first time we've produced a crop of this size, as 2016-17 will remain the biggest year on record.
We had similar capacity issues, but never fell to how cheap we are relative to the rest of the world like we have this season.
This is due to a number of reasons, but primarily because the elevated global market means even if we are the cheapest wheat, it still represents a fairly high outright price, especially for those with big yields.
In 2016-17, growers distributed their selling more evenly through harvest and into next season than they are in today's market.
This is great news for Australian growers, as rarely do we get an opportunity to market above-average yields into these types of prices.
But it's not the only opportunity that's arisen from these market dynamics - as we don't often stay the cheapest wheat in the world for long.
When we look at the risk that our market faces, they can be boiled down to either the risk our prices fall independent of the rest of the world, or the world prices fall and we get dragged down with them.
If we are commanding a big premium over the rest of the world, such as in the past couple of drought years, we're more inclined to sell domestically to primarily remove the risk that that premium deflates.
The opposite is true though, when Australian prices are this cheap, our primary risk is that global prices fall, not so much we continue to get cheaper (as we keep attracting more and more demand for a longer period if we do).
This being the case, the current relativity of our prices suggests if we are looking to remove some price risk from the table, we should be focusing on selling offshore (to protect against a broad move lower in global prices), rather than selling the cheapest wheat in the world.
This allows us the protection of world prices falling but keeps us exposed to the relative improvement in our prices post-harvest, as it's unlikely we remain the worlds cheapest wheat for long.