WA Market Update – 28/06/2019

Reid Seaby, WA Regional Manager

1.5 minute read

To state the obvious, things have turned around dramatically for WA in the last fortnight. We’ve now had three good rainfall events in June resulting in 30-100mm across the state. Although it’s been a late start for WA farmers, the recent weather has seen seeding wrap up and the large majority of crops have now germinated. The earlier sown crops in areas lucky enough to have May rain have benefited greatly from a wet June and are advancing well.

Although prices have softened a little since the start of the month, the rains have increased grower confidence to take advantage of the strong bids available. Grower selling has been steady, but both wheat and barley bids seem to be trading slightly below targeted levels.

This week’s bullish factor was the lower than expected Canadian wheat plantings, but good Black Sea and EU harvest progress and better weather in the US corn belt weighed on the market. Despite favourable weather for corn crops, feed barley bids in Kwinana pushed $4/MT higher to be $266/MT FIS. APW1 bids were also up slightly this week to $315/MT FIS in Kwinana but other wheat grades were softer. Canola was essentially unchanged and remains just over the $600/MT per tonne mark in Kwinana. Red crop wheat was down $6/MT this week.

Pictured: Farmers are grateful for the familiar green tinge that has developed after the recent rains.

Prices as at 27th June 2019

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

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