CNSW Market Update – 25/01/2019

Matthew Noonan, Agfarm Account Manager SNSW

The last week hasn’t brought much relief on the rainfall front with minimal amounts falling in areas along the border. However, there has been up to 20-30mm’s in the north east and central eastern areas of NSW. The lack of rain on the radar for the coming week will allow for good sorghum harvesting weather but won’t aid later planted acres. The lack of rain is also dampening the spirits of those hoping for another sorghum plant as that window is fast closing. Temperatures are expected to be very high in western areas of both QLD and NSW however eastern areas should see some relief with low 30oC for the inner Darling Downs and low to mid 30oC for norther eatern NSW areas.

QLD markets have remained relatively steady week on week with F1 barley delivered Darling Downs still pricing around $400-405/MT. Some softness has creeped in with sorghum starting to come off and stock at the port of Brisbane executing into the Darling Downs at similar levels when markets meet. Spreads between buyer and seller are for the most part ranging at around a $5-10/MT difference but are coming together at noted levels during past week. SFW1 is similar into the Darling Downs at around $440-445/MT delivered January/March and if anything, is slightly firmer with the top side of the range staying steady but some of the lower bids creeping a bit higher. For the next two to three months markets should remain range bound, capped by continued supply via boats from WA and a fresh supply of sorghum which is around a $75-85/MT spread under wheat. Chickpeas if there are any out there unsold are pricing at around $800-850/MT delivered Darling Downs.

As per last week’s comments, early sorghum crops are being harvested around Moree and further into the Liverpool Plains again creating fresh supply for feed consumers. Although with a lower sorghum crop production wise in NSW compared to QLD, delivered Liverpool Plains markets for sorghum are priced around $5-10/MT higher than the Darling Downs with a max of $375/MT delivered. Barley is also at similar levels to QLD markets with F1 delivered Liverpool Plains at $395-400/MT and a $5-10/MT premium into Rangers Valley. Wheat into the Liverpool Plains markets is at the $440-445/MT levels January/March. Between three of the largest consumer points in QLD and NSW, the delivered price is hardly different at all so freight spreads are very relevant.

 
 
 
 

Prices as at 24th January

 

 

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

 

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