WA Market Update – 8/03/2019

Reid Seaby, Regional Manager WA

Some rain!! Although the falls over the past 48 hours haven’t been widespread across the entire state, most of the great southern and south west had falls of between 10 – 25mm. The question will be what does this mean for pastures and weed germination? Growers will be hoping to see some benefit in seven to 10 days when things ‘green up’ a little but unfortunately given the steady nature of the rain it is highly unlikely anyone would have got runoff in to dams. For the eastern and northern part of the state the status quo remains.

Markets were mixed this week with some commodities and grades correcting after falling heavily the past couple of weeks. Barley values are the most volatile with a large degree of uncertainty still surrounding China’s anti-dumping campaign. This week we saw old crop BFED1 jump $20/MT back to $287/MT FIS in Kwinana. Malt bids also rallied to end $25/MT higher than what they were only seven days ago ($293/MT FIS Kwinana). Other commodities were mixed with the lower wheat grades pushing higher while APW1 and above continued their downward trajectory. H2 has now fallen below $350/MT FIS which is between $50-60/MT lower than the highs seen at harvest time. There is still little action on the new crop front with little to no summer rain and seeding still six weeks away.

Prices as at 7th March 2019

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

 

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