VIC Market Update – 28/06/2019

Tom Guthrie, General Manager Account Management

2 minute read

Old crop cereal markets are firmer week on week as trade buyers come to market to buy back June dated positions. Grower selling remains quite light, however, enquiry is picking up as we edge closer to the new financial year and new crop production prospect continue to improve. Consumer buying is light and out the curve as nearby cover is adequate. Interestingly, Western Australian transhipments continue to cap the delivered Melbourne market price, which in turn is keeping a lid on domestic premiums rallying higher in Victoria on old crop.

New crop cereal markets are steady this week as Victorian values present a significant domestic premium and as such are well over export parity.

As alluded to earlier, production prospects in Victoria continue to improve, although the short cool days have meant we’ve seen a number of frosts over the last week, which really slow the show down.

Prices as at 27th June

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

 

 

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