Reid Seaby, Regional Manager WA
Markets were once again lower this week as buyers continue to pull bids and try to understand where markets will find support. Unfortunately, there is no end in sight for the Chinese anti-dumping saga which means the major barley export destination for the last few years remains on the sidelines for Australian barley. The wheat story isn’t much better as prices continue to slide with slowing demand – Argentina is the origin of preference for wheat at the moment. New season wheat also dropped slightly with APW1 in Kwinana being bid around $285/MT FIS. With last season’s values fresh in grower’s minds and no summer rain, growers are unlikely to be too excited to sell at current levels.
All old crop wheat grades were down with ASW1 falling $11/MT to $310/MT FIS in Kwinana. Barley moves were also negative with malt falling a massive $27/MT for the week. This probably isn’t too concerning or surprising given the time of year. Surprisingly, canola bucked the trend and ended slightly higher for the week. Canola bids remain relatively strong and although new crop numbers are attractive historically, it’s likely growers will be reluctant to sell until they can get a feel for how much the market may move.
Prices as at 28th February 2019
* View of current market pricing. Does not represent current Agfarm bids.