CNSW Market Update – 9/11/2018

Anthony Hall, Agfarm Regional Manager NSW & QLD

A change came through NSW and southern QLD Wednesday/Thursday this week. The heaver falls were through the central part of NSW with Coonamble receiving 27mm, Trangie 15mm and Dubbo 18mm. Further north of the state Mungindi and Moree received 15mm and Narrabri 9mm. Into Southern QLD Texas received 9mm, St George 20mm and Roma 7mm. The rain fell over an eight hour window, so crop downgrading isn’t expected, however it has put harvest on hold for a few days.

Central Queensland has finished with harvest for another year while the Downs are still going in barley and wheat, showing QLD to be around 60-65% complete. Moving into NSW, harvest in the north of the state is well under way. Protein levels are high due to the seasonal conditions, so we’re seeing plenty of H2 and APH2 coming off. Protein spreads are as high as $40/MT over feed values which is seeing some off the header selling. NSW harvest completion would still be under 10% as south of Narrabri hasn’t made a start just yet.

The heat wave that passed through QLD this week had some growers a little worried with summer crops just coming out of the ground. Thankfully it only lasted a couple of days and temps are now back in the 20’s. Most have the quantity of sorghum they wanted planted and if the season continues to show promise we will see another round of sowing in December/January. Sorghum values continue to remain strong and we’ve seen a $30/MT increase this week as demand remains high.

The markets have been trading sideways this week with little grower selling to give consumers/traders comfort on supply. We may not see the peak selling we traditionally see around harvest this year especially in the areas of poor crops. The access to grain off vessels is having an effect on values in QLD. Consumers at a closer proximity to the ports are trading at a discount to the southern and western consumers for example the Downs is trading at a $5/MT discount to the border markets at the moment.

 

Pictured: Sorghum between Dubbo and Narromine NSW

 

Prices as at 8th Novebemer

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

 

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