Wheat prices have dipped since the start of the year in line with broader pressures in grain markets generally, caused primarily by a massive corn crop.
At present port prices for the benchmark APW quality wheat sit at around $360 to $370 a tonne on the east coast and SA and around $400/t in WA, back around $40/t since the start of the year.
And a leading grain market analyst has warned there is not necessarily any news brewing that will kickstart markets to life throughout the year.
"We've had a run of strong pricing years, but this year farmers have to look at the potential that prices could be easy," said Episode 3's Andrew Whitelaw.
"Over the last few seasons we have seen markets boosted by either abnormal weather conditions, whether it be local or international drought or geopolitical issues such as the Ukraine war," he said.
"At present the market is looking very calm, we're back looking at the more traditional factors for this time of year such as how the Northern Hemisphere crops emerge from their winter dormancy, that will start to happen over the next couple of weeks, so it's fairly quiet."
"The major thing to note is outside the wheat complex proper and that is massive year for corn in the Americas, that is weighing down grain prices overall."
In recent weeks Brazilian analysts have upwardly revised the corn crop in the South American nation to over 91 million tonnes.
Commodity analyst Tobin Gorey of online information hub The Watchlist said while South American summer crops were not in the bin yet they were travelling well, with no immediate weather worries.
Russian wheat supply is also proving plentiful, which in turn is emboldening substantial buyers in North Africa and the Middle East to hold their fire on purchases in the hope that prices fall further again.
Mr Gorey said it was too early to see northern hemisphere weather concerns having tangible impact on markets, but pinpointed Romania and the Balkans as areas drier than optimal.
He said buyers would start to take more note of northern hemisphere weather as crops came out of dormancy through March.
Meanwhile, Australia's grain export program continues apace, with 1.4 million tonnes of wheat and 1.3m tonnes of barley being exported in December according to Australian Bureau of Statistics data.