Fact of the Day – On the weekend we saw Craig Lowndes win the great race (Bathurst 1000) for his 7th time, his second with co-driver Steven Richards. It was Lowndes’ last race around Mount Panorama as a full time driver, with him taking a secondary driver seat in 2019.
Russia still holds the headlines this week, both in and out of the octagon. Leaving UFC aside for now, the current word out of the superpower is that they are hustling and bustling to transfer grain to move ahead of any imposed deadlines placed on the industry by the government. How this plays out this month will be interesting as there is still a fair chunk of supply moving around the black sea region also. Rain is hitting the plains across the US which will only be helpful heading in to the New Year, along with the hurricane taking on Georgia and Alabama cotton areas in coming days. American weather is one to watch heading in to the backend of the week. The AUD came back on last week’s low, holding today above the $0.71 mark.
Summer like storms continue to swirl around the North West, with parts of the Hunter and Liverpool Plains receiving heavy falls. Harvest is just kicking in to gear around Queensland and south as all buyers are eager to see how they are tracking thus far. Some early reports look to show higher than anticipated moisture in cereals, but nothing too extreme as of yet and not too much trouble in regards to quality (Protein, Screenings, Test Weight). The next few weeks will be more than telling as majority of crops will be near all but stripped in the next month or so. Prices for now, are all over the shop to a certain degree, we are currently in a state of limbo where old crop and new crop are just about to pass one another, but for now it’s difficult to get your hands on either price respective. With the week almost done, we are seeing the market soften over all grain markets, just as these forecasted showers with not much in them make their way around the North West and Southern Downs.
Chickpeas have not moved too far from their recent mark. Current stock is priced at $750 Narrabri and $760 Downs, where new crop is bid at $805-810 for either of said market zones. The next few months could be very quiet for old crop peas, as demand for fresh lighter (colour and weight) chickpeas are sought after more abroad. With India still playing their own game, we rely solely on Bangladesh, Nepal and Pakistan to keep our market alive. Whilst it does fluctuate prices somewhat, it is nowhere near what India traditionally would require and thus why our dollar per tonne is lower than on recent seasons. Quality this season may be a problem further north with GrainCorp bringing in a receival standard for “CHKPX”, a grade established for frosted grain. Where quality lies for now heading south is unsure but we can be sure this year’s crop will a tough pod to split for some.
Cotton futures prices dropped slightly mid-week with a late climb on the back of the US weather. Hurricane Michael is heading south and looks to make its way through the southern states. The development of these plants are quite decent, so any damage will directly affect the market as supply is already on the tight side. Here at home, there has been rain scattered across the regions, though a hot October already is “dampening” any intention of a good summer crop plant for now. Prices today for seasons ahead now stand at 2019 $615, 2020 $585 and $530/bale for 2021 and 2022 (at time of writing).