Reid Seaby, Agfarm Regional Manager WA
Not a great deal has changed this week other than us being seven days closer to needing that finishing rain; and seven days closer to overcoming the frost period. Although some isolated areas received falls over 10mm last week, the large majority of the state had very little, if any at all. As I have mentioned in previous reports, most areas will require a decent rainfall event of 15mm+ to ensure crops meet their current potential. If this doesn’t eventuate then yield expectations will diminish. The southern half appear to be in line for some cold mornings this weekend but the general consensus among clients is crops aren’t advanced enough for any frost to have an impact.
There has been little volatility in grain markets over the past week, but Wednesday night’s USDA report cast a bearish tone over the market. The trade was expecting the report to pare back global production estimates, but markets came under a bit of pressure when it failed to deliver. Old crop price moves were a non-event but 2018/19 canola took a hit with CAN and CAG down $12/MT and $6/MT respectively. Feed barley pushed $9/MT higher to $339/MT FIS Kwinana while malt values remained essentially unchanged. APW1 in Kwinana was $5/MT higher to settle the week at $350/MT FIS.
Prices as at 13th September