CNSW Market Update – 07/11/2018

Anthony Hall, Agfarm Regional Manager NSW & QLD

A week of no rain and hot weather has tidied up harvest in most areas of NSW and QLD. The only crops left standing are the later ones which had some green in them from the late rains. By mid next week we estimate 100% will be complete. Quality across the board has been good with no reports of down grading.

The sorghum market has softened $5/MT this week on the back of big rains predicted Thursday and Friday next week. Consumers feel this rain will increase yield potential and there was also reports of grower forward selling before the price fell too much. With the heat wave coming through the east coast this weekend we are going to need every bit of an inch of rain just to keep the crop fresh. We have to remember a lot of the sorghum crop is in on marginal moisture. Winds and 37 degree days is going to stress a fair proportion of the crop.

The barley market came under pressure this week with falls of $10/MT. This is mainly being attributed to the imports from WA capping any upside and filling the void of grower selling. Price delivered Darling Downs is now $398/MT and there is still a premium into the boarder markets of $408/MT delivered. This now puts barley at a spread of $40/MT to wheat which we have not seen for quite some time now.

Wheat has traded sideways most of the week. There is still a lot of protein wheat selling with farmers happy to meet the market if they are getting over $400/MT. Feed values have remained strong this with Darling Downs bid at $430/MT without too much selling activity and the boarder markets bid at $438/MT.

 

Pictured: Harvest 30KM west of Narromine

 

Prices as at 6th December

 

 

* View of current market pricing. Does not represent current Agfarm bids.

 

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