Another night of mostly losses across the grains markets. Locally, basis remains supported in the NNSW/SQ markets but with the sharp decline in SNSW/Vic markets, there will come a time when consumers in SQ will find an opportunity to drag grain up from southern markets if these prices continue to slide and prices in the north here hold. Although crops look good in the north here, there is still a lot of concern around production with little rain in the forecast and long range forecasts aren’t too promising. Crops in SNSW, Vic and SA are in excellent condition and this looks to be a very promising crop for the 14/15 season. Of course these crops too will require in-crop rain at some stage but at the moment there is a lot of comfort around production. Although we have seen a decline recently, old crop 70/10 values delivered Downs are still around $335-340/mt delivered. New crop has been around $305-310/mt.
We have some slight enquiry on old crop peas XF Moree around $405XF. We don’t believe we will be over-run with enquiry but at the moment demand has also been pretty thin.
The past week has seen sorghum values decline $8-10/mt and XF LPP is around $240-245, depending on location. We may have some July/August homes available if anyone is interested in moving reasonably quickly. SSOR in the system is facing minimal demand with only 1-2 buyers and we expect these values to be between $225-230/mt site, from Willow Tree to Premer today.
Cotton prices are very much quality-based at the moment. We have a 3 tiered price structure for Strict Middling, Middling and Strict Low Middling. Please contact us with any enquiries. With the US and Brazilian crops coming to market soon and the Indian Monsoon set to arrive this weekend, we expect continued pressure on futures moving forward.
Friday saw Narrabri come alive with the Narrabri leg of Keith Urban’s national ‘Light the Fuse’ tour. It was great to see quite a large gathering of local (and not-so-local) growers visit. We hope you have since thawed out and feet/backs have recovered from many hours of standing/dancing.