SNSW Market Update 03/05/2019

Matthew Noonan, Agfarm Account Manager

2.5 minute read

Well, a week can be a long time and it has been nearly two weeks since our last report. In that two weeks, southern NSW has finally received good planting rains with 10-20mm’s over a narrow area from Hillston through to Wagga Wagga on Easter weekend and 0-10mm either side of that going north and south. The last 48 hours has delivered more wide spread rains over similar areas. This is a great start to the 2019 plant. Fingers crossed it continues.

Wheat markets continue to soften, which is a normal occurrence heading in to a forecasted rain event with confidence instilled in consumers that there will be plenty of grain to come. In saying this, there is still a long way until new crop and it is still going to be a big logistical challenge to supply many east coast market zones over the coming months into the second half of 2019. There is enough grain in Australia to go around, it just needs to come from non-historical drawing arcs. Currently Griffith is priced around $360-370/MT for May/Jun/Jul delivery. As for new crop, coming into this change it has lost most of its gains from a few weeks back with PKE APW1 multi grade track market around a $335-340/MT which with current rains received in some locations, would be a good start to your marketing program for a small early percentage.

Old crop barley continues to see limited demand into major consumers as it has been priced around similar levels to wheat of late. Some graziers from the north have been coming in looking for supply to cover stock over the winter months allowing some limited sales to be made. This may continue until more wide spread rains in the north come. The idea here is to keep chipping away at sales in a range of around $370-400/MT exfarm if it can be done. Buying sheep now through southern NSW might be a hard task if you are thinking of feeding them yourself.

Canola on old crop remains steady with local Riverina markets around $585-590/MT delivered Wagga Wagga and VIC/NSW border delivery around the $580/MT levels. Rain over past 24-48 hours might prompt a few more acres to go in late. New crop Port Kembla track markets are up slightly around $580-583/MT the past few days.

 
 
 
 

Pictured: 27mm of rain at Coolamon Thursday night

Prices as at 2nd April

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

 

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