WA Market Update – 27/07/2018

Reid Seaby, Agfarm Regional Manager WA

It was a sea of green this week with markets charging higher, led by wheat markets in the US. The US Wheat Quality Council have reported Spring wheat yields are around 13% lower than the 5 year average (38.9 bushels per acre versus 44.7 bushels per acre) which is obviously assisting the bullish tone and hence enabling domestic markets to push higher. All old crop wheat grades were up week on week with H2 faring the best to end $15 higher at $330 FIS Kwinana. But the key mover was 2018-19 wheat in Kwinana which exploded to $336 FIS, up a whopping $24 from last week. Barley bids remain extremely strong with feed in Kwinana over $300 FIS and malt sitting close to $340 FIS.

Another couple of moderate rainfall events gave soil moisture a boost across the state in the past week, with most areas receiving between 10-30mm across the two systems. Pockets in the Albany zone did however miss out and so too did Esperance which means growers will be hoping for a good drink soon. Above average yield prospects are well and truly on the cards in the northern half of the growing zones.

 

Prices as at 26th July

 

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