Red was the colour to be seen through the board in offshore markets overnight with CBOT wheat, corn soybeans and ICE canola markets all concluding lesser. Positive weather conditions across the US Corn Belt positioned CBOT corn values under stress overnight. The USDA’s crop progress survey proposes planting is on track and, more importantly, is getting close to completion. With the harvest of the US winter wheat crop is closing in, this puts a lot of expectations on the US Wheat values as well. Cotton prices were little changed on Tuesday. December Prices were roughly in the 72’s and then changed direction as the day progressed. The USDA reported that cotton planting is largely on track.
Durum has continued in its strength with recent bids around $300 Ex-Farm on the plains less $50 for DR2. Wheat is persistent in bidding at $280 for APH2 delivered Narrabri. Demand remains firm for protein wheat delivered Narrabri – H2 $240, H12 $250 & AUH14 $270, with protein & screenings wheat – HPS14 $240. Barley is also neutral to firmer by $2/tonne around the mid $240’s delivered Darling Downs and $220 delivered Liverpool Plains.
Sorghum is holding neutral to firmer by $2/tonne at $257 delivered Darling Downs and Newcastle. We have been achieving prices for sorghum 2 at around $8/tonne over published bids. Chickpea prices on an export spectrum have quietened down since the commencement of Ramadan which takes place over the next four weeks. Though prices delivered Narrabri still remain positive with bids at $1,050 for current crop and 2017/18 crop bid around $810. Faba Beans are making its steady presence known but nothing to get over excited about with bids at $190-$200 Ex-Farm depending location.