Fact of the Day: It took Apollo 11, that’s the spaceship that carried Neil Armstrong, Michael Collins and Buzz Aldrin to the moon in 1969, 4 days 6 hours and 45 minutes to get to the moon.
March ended with more rain than first expected, though this month isn’t looking too promising in the precipitation department. Border regions again look to have a great starting point for the season ahead, though the optimism begins to fade the more south you travel. As the dry winter looms, more and more vessels are landing as well as en route to the east coast from the west to relieve the northern and southern market zones in need of suppl. Newcastle and Brisbane ports are taking in bulk loads of barley and feed wheat, along with other protein meals and feed supplements also being stock piled. Pulses have struck some interest on the buying side with reports of the odd order heading abroad; though for now, prices remain too dismal for both old and new crop for growers to think about selling. Where the market is moving now is harder to read than first anticipated, but as long as India is out of the market, it gives Australian peas very little wiggle room to be exported to the international market.
Cotton has kept its positivity in regards to bale prices this week with merchant bids exceeding the $640 level. The main contributing factors still remain as the US – China trade talks and weather concerns across prime growing areas here at home and abroad. The trade negotiations appear to be making traction, though it seems neither side knows exactly what is going on or where they stand, hence the constant push back of an end date (now from March out to June). Last year the main point was that China would import a large degree of agri-commodities as part of the trade deal, though this is yet to fully blossom. On Tuesday the US futures had a slight tumble which forces July contracts much lower, this in return is where we have watched physical cotton bales priced $10 lower than where they stood Monday. Prices today are priced at 2019 $630, 2020 $610 and 2021 at $550. The AUD opened today at $0.713 with little change from earlier in the week.