Fact of the Day – Primarily known for his singles exploits, Roger Federer has also won eight doubles titles in his career, yet none since 2008. The biggest of those came at the 2008 Beijing Olympics winning gold with Stan Wawrinka, and the 2003 Miami Masters with Max Mirnyi.
January throughout the region has ended on a mildly positive note with growers seeing some surprising drops of rain over the last weekend. With drops between 15-35mm seen across the northern parts of state, this has cooled off many paddocks and given the soil some well-deserved respite. With scattered showers forecasted across the North West and Southern Downs over the next 5-7 days, we also have some sub thirty degree days to look forward too over the coming weekend. The US is also facing harsh conditions with some speculation in to their winter Wheat season being brought forward with declines expected by around twenty percent to where we started the year. The outlook isn’t all grim but could be the second year the American plains have faced a tough season.
With Sorghum harvest under way in parts of Queensland, there have been trickling reports that the grain is holding its own in regards to quality and specifications. The heat has taken its toll over the last month though with the early plant, growers have attributed the November rain and that it gave them the boost that was needed to prevail over the festive month’s heat wave. Heading south the later crops have had no real substantial rain during the prime development period, and this could be shown in the coming weeks when headers start rolling in to paddocks south of the boarder. Sorghum is very strong and firm in pricing for a February/March delivery, in to Brisbane and Newcastle we are looking at $300 per tonne and $285 for the Downs. Barley and feed Wheat have followed suit once again with a small rally this week in the domestic market. Both grains can are priced at $330 for March/April delivery in to southern Queensland. Faba’s remain unchanged for ex-farm values at $255-$265 depending location and subject to enquiry, with also added demand interest in beans in the system.
After a nice rally last week, over the long weekend we saw decreased demand from Egypt and Pakistan. These countries are large players within the market but demand can be subdued within hours where India is the real mover and shaker in this game. The volatility we expect to continue at least until the sub continents harvest is well underway in the coming weeks. This week has brought a steady declining plateau in pricing so far with $640 in to Brisbane port, $630 delivered Downs and $600 in to Narrabri packers.
The Cotton futures market has made incremental losses over the last week, this can mainly be seen due to buyers exiting the market from the highs seen over the past month. Prices should have more of a guide after next week’s USDA report comes out and evaluates the world supply thus far. Prices are also reflected in this negative market change with 2018 bales at $522, 2019 at $510 and 2020 at $500. Forecasted weather is also not as positive moving in to February for NSW growers and plants, though QLD Cotton is set to have at least at 30-55mm drop over the next few days, all of which are crucial. As the AUD still remains above the eighty cent mark it is also playing its own part in this thirty dollar bale price drop. The dollar opened today at $0.807.