Alistair Murphy, Agfarm Regional Manager CNSW
This week has seen the majority of markets ease off the recent highs, anywhere between $3-5/MT lower this week across the board.
Some of this downside has stemmed from international futures retreating, but also in the recent kick some consumers managed to pick up some additional coverage to keep short-term demand satisfied for now.
Weather has remained dry here in the Central West, with minimal rainfall predicted on the medium-term forecast, growers now seem happy to put sales on hold with the recent easing of values.
Chick peas experienced a noticeable drop from last week on the back of news that India will be increasing import tariffs to 60%. Though we did see some spot interest spark things up again, with some volume trading midweek around the mid-$500/MT range delivered Central NSW packer.
Canola has recently eased off last week’s highs, though there isn’t a real lot of unsold canola out there. And that which is unsold has some pretty hefty price targets attached.
Eyes are firmly focused on the mid-term weather forecast for some sign of an autumn break. If we do see weather eventuate it should bring with it additional selling interest, but until then we expect the standoff between buyer and seller to continue.
Prices as at 16th March 2018