Fact of the Day – In light of the Roosters NRL Premiership win on Sunday, the focus without doubt, should be on Cooper Cronk. Since his debut in the 2004, Cronk has played in eight grand finals, winning a total of five premierships with the Melbourne Storm and Sydney Roosters.
October has arrived and is showing strong signs of skipping over spring and moving straight in to another brutal summer across NSW and Queensland. The mercury is already hitting the thirties a few times a week, which is now creating even more concern on how much of a positive outlook there is for a prosperous summer crop. Rain is forecasted for later on in the week, though from where the forecast is set, it’s not much to call home about or to batten down the hatches. Wheat production abroad is on track, though there is some concern with weather conditions putting a hold on planting across Eastern Europe. Russia is also playing their own game to slow down exports by minimising use of some of their logistic terminals. Though this shouldn’t have too much of an impact for now with supply still strong across the sea. Currency here at home dropped quite intensely based off the most recent RBA report, though it has helped competitiveness for spot prices. Today’s AUD opens at $0.718.
Even though the last year has been more than intense in regards to weather conditions (September was Australia’s driest on record) and market prices, October always brings activity no matter the scale. Around the region over the next few weeks we expect grain to be harvested and sorghum and cotton to be planted if possible. On harvest, many growers will be deciding between cutting for hay or stripping grain, it is purely dependant on where one can maximise value. Regardless of the option, there is still going to be continued demand for both well in to the New Year. Current crop chickpeas are becoming of less interest as new season is set to be stripped soon. As said previously we wait anxiously on yield and quality reports as soon as they trickle off farm. New crop still lingers about $800-$810 around the Downs and Narrabri market zones. As hard as it is to wait and see, this is how most of the market stands, from sorghum to pulses. How the next six to eight weeks play out will be how most buyers and sellers set themselves up heading in to next year.
Cotton has been more than quiet the last week with the market just easing off with trade wars, global supply and current weather conditions on a global scale all contributing. Most merchants have shut up their books for 2018 season now, with sole interest on the next four years ahead. Bale prices today are much softer, though there is not much selling interest currently due to such dire conditions and lack of water for purchase. For 2018, $585 2019, 610 2020$575 and $520/bale for 2021 and 2022 (at time of writing).