SNSW Market Update 29/03/2019

Matthew Noonan, Agfarm Account Manager

This week’s report comes with some optimism, the change most have been waiting for may have arrived. Looking across most of the forecasts in the southern Riverina and central west falls of 1mm up to 30mm are precited for Friday and Saturday. The majority will need every bit of the 30mm’s to give an okay start to the season and for diesel to start burning in early April. While the majority of the weather will be in QLD and far north east of NSW, hopefully it stretches south for us.

Wheat markets have remained steady, even with the predicted weather event. Griffith market zone is still around $400/MT for April delivery. With Easter and Anzac Day creating some short weeks in April, there may be some opportunities for small premiums to present themselves. New crop markets have come back and are now around $340-345/MT Port Kembla track. However, while waiting on weather, these markets can hover in a no-mans-land. With regards to spreads, these markets are still representing more value than barley.

Old crop barley still remains very subdued with trades over the fence happening at levels of $400/MT exfarm. Generally, the trade would be buyers well under these levels. With livestock markets having a sniff of moving higher and paddocks about to be locked up for grazing crops get away, it may be cause for some further demand to come but it doesn’t feel as though it is here just yet. New crop values are up by $1-2/MT at around $265-267/MT Port Kembla track which again, is a no-mans-land value.

Canola has decided to dip lower again, with old crop markets back $1-4/MT Port Kembla track to $605-612/MT. While new crop remains steady to down $1-2/MT at $570-575/MT Port Kembla track. The window has not yet closed on canola plantings, but the feeling and word is, it will be back year on year.

 
 

Prices as at 28th March

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

 

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