SA Market Update – 06/04/3018

Kate Phillips, Agfarm Regional Manager SA

The Easter bunny brought eggs to South Australia last week, but sadly no rain. The March rainfall for Adelaide was only 6mm and this was replicated across most of the state. The long term outlook doesn’t look as positive as hoped with a good 50mm plus needed in most areas to boost the very dry soil moisture conditions. Let’s hope the break in the weather and opening rains roll around sooner rather than later.

Local values saw a small rise across most wheat and barley grades this week on both the new and old crop fronts. New crop F1 multigrade values saw a $5/MT increase and while we have seen a few taking up the stronger values to lock in some forward contracts, on the whole most seem to be sitting back to see what the season has in store before committing. It’s a similar story with the APW1 multigrade number with a $7/MT increase this week. A few buyers are locking fixed grade spreads, but most are happy to sit with floating grade spreads at this stage.

Old crop canola prices are as rare as hen’s teeth and the later part of this week has seen them disappear altogether from the published bid sheets. When numbers can be coaxed from buyers they are firmly around the $470/MT mark.
 
That’s all for this week, let’s hope next week brings good rainfalls across the great state. Have a great week.
 

Prices as at 5th April 2018

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