Matthew Noonan, Agfarm Account Manager SNSW
The starting gun has fired, with headers beginning to roll in the western Riverina. This sparks the beginning for hopefully a better than anticipated four to six weeks. There has been minimal change in short and long term weather forecasts in the past week. However, we have seen some downward pressure on both old and new crop markets due to grower selling and a few days of overseas markets coming off slightly.
Delivered and track wheat markets have pushed lower by $15-20/MT this week. Port Kembla APW1 is now priced at around $465/MT track down from the $490-495/MT highs we saw a few weeks ago. Delivered markets like Griffith are back to the $430/MT levels for prompt/November delivery compared to a top of around $455-460/MT two to three weeks ago. Further downside will depend on selling activity and the total production hitting the bin during harvest.
Barley hasn’t come off as much as wheat, being down $5-10/MT. The Port Kembla track market is floating around $440-447/MT dependent on location. Delivered markets in the west are around $420-425/MT with the east looking at $440/MT for harvest time delivery. The malt spread throughout much of Port Kembla is around $18-20/MT.
Canola markets have remained a little more resilient being back only $5/MT on old crop while new crop has stayed a little steadier. The coastal crusher’s plan B seems to be WA canola coming over via ships. New Crop pricing levels are at $665-667/MT Port Kembla track with old crop at a $10-15/MT discount.
Pictured: Harvest has begun near Barellan, NSW
Prices as at 25th October
* View of current market pricing. Does not represent current Agfarm bids.