SNSW Market Update 09/08/2019

Matthew Noonan, Account Manager Southern NSW

2.5 minute read

We’ve seen a few small frosts this week through much of the Riverina. This isn’t too much of a worry at this stage, but it will suck some of the much-needed moisture from the ground. There is a change coming later in the week which will hopefully bring 5-10mm. I’ve said it before and I will say it again; southern NSW has some great potential this season, but with big bulky crops comes hungry crops, particularly if we see any heat in next four to eight weeks. Based on this, right now through much of the region we need a minimum 20mm’s to keep up to them.

Wheat markets have remained relatively unchanged to slightly firmer this week. It has been bid around $365-375/MT throughout the week with some offers meeting the bid or at least getting mid-way to the offers which have been from $375-380/MT. The new crop market is very illiquid with strong bids of low $370’s/MT Port Kembla track but next to no interest at this stage. Forward contracts aren’t exactly front of mind for most, as they’re waiting to get through the next little period where frost/heat could be concerns.

Barley on old crop is still very steady. Smalls are trading in the $340-360/MT exfarm level with most delivered homes pricing around the same level. New crop with its current spread to wheat may start to garner some attention for 2020, but for the most part, the bid/offer spread is wide.

Both old and new canola is steady to slightly firmer week on week. This is mostly due to the relatively dry SNSW forecast and the possibility yield prospects could decline. Plus, for now, WA prices don’t allow for canola to make its way around this season.

 

Prices as at 8th August

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

 

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