Wheat futures overnight were down 3.5 cents, which was near the lows for the day with the market closing lower for 11 out of the past 13 sessions. December corn finished up 8 cents on talk of short covering and it was noted that funds bought 12 000 contracts through the day. The USDA report that was released on Friday evening was considered neutral and speculators are thought to be holding near-record high net short positions in corn. Harvest for the US corn crop is around 83% complete. January soybeans closed up 5 cents at 1301US cents/bushel, which was well off the lows for the day. The market traded lower but found solid buying support from speculators to close higher. Gains in corn spilled over into beans and reports that export and crush is running at a fast pace for the season supported. Harvest is near 92% complete. Our Dollar is currently around 0.9365USD which is almost 2 cents below trading levels of late last week.
Storm activity was present over the weekend and again last night. The best falls received were north of Moree, Inverell, east Narrabri and patchy across the Liverpool Plains. For most this rain is not enough to plant summer crops but those that have crops in will benefit.
Locally, we still have demand for wheat delivered Narrabri for APH, AUH, HPS and some H2. We are able to price parcels on an ex-farm basis with very competitive freight rates and prompt pick-up. Domestic grain prices in the north have softened slightly over the past week on the back of the weather forecast but with only patchy rain received, another week will tell whether prices will strengthen again or remain at current levels. For anyone who has high screenings in wheat, please contact us to discuss options.
Chickpea demand still remains in general, fairly flat. We do have some demand but prices remain at similar levels. We do have prices available for chickpeas on a delivered Brisbane, delivered Downs, ex-farm and for Moree, Narrabri and Dubbo deliveries.
With the planting window closing in a matter of days for most varieties of cotton, we do not expect a rush of planting activity for dryland crops on the back of this rain event, if we could hardly call it that! A number of growers have asked the question about marketing more of their 2014 crop as prices are climbing closer to $450/bale. We are currently taking orders at $450 in the event that it gets triggered during overnight trade as the Aussie Dollar is currently trading around 0.9365USD.