Futures seem to be trading in anticipation of tonight’s USDA report. It is expected that the USDA will increase corn yields to 170bu/acre and an increase in Russia’s wheat production to around 60 million tonnes, up from the current estimate of 53 million.
Old crop chickpeas have been continuing to trade at $445/mt delivered Narrabri for prompt delivery. We have been picking-up bits and pieces at these levels.
This week we have seen many calls from growers wanting to discuss summer crop alternatives. We will look at this more in Thursday’s report.
A reminder that we have ex-farm canola hectare contracts available again for this season. We cannot guarantee pick-up off the header but it would be a harvest pick-up. AOF oil increments apply and admix discounts above 3%.
Sorghum values have dropped this week by around $5/mt. New crop is around $255-258/mt delivered Downs. We have homes for Sept into Tamworth at $245 and still, Newcastle homes are hard to come by.
New crop wheat values have also dropped. Last week we saw as high as $308/mt generic Newcastle track and this week they are back to mid-$280’s. For anyone in the north looking to market grain, we would suggest looking at an ex-farm 70/10 price to at least compare to system contracts.
We also have interest in new crop mungbean hectare contracts for either a Spring or a Summer plant.
New crop faba beans are bid between $400-415/mt delivered packer. There is no real domestic market for new crop beans at the moment. It’s also difficult to put an exact number on where prices are as there is none trading. Old crop has been bid at $453/mt delivered Toowoomba for Sept movement.
We have seen a promising forecast for rain this week. It’s hard to get too excited at the moment, but wouldn’t it be lovely? Certainly very timely for struggling winter crops and growers looking to bank some moisture for summer cropping programs.