Fact of the Day – The Coca-Cola brand is worth an estimated $74 billion USD, more than Budweiser, Pepsi, Starbucks and Red Bull combined.
The Chicago board of trade futures had quite a surprising day of movement. Reports state, the CBOT “had their largest single day rally in around 8 months, with unconfirmed rumours of a large purchase of US wheat driving these gains”. On the back of this, promising weather reports throughout the US, Europe and some eastern bloc countries show they are expected to receive more promising falls as soil moisture continues to build. The greenback drifted back over the last few days, with the AUD firming and standing at $0.708 today. Politics seem to be the only changing news as of late as leaders continue to battle over trade, Brexit and even a NSW state election in the coming weeks.
With scattered showers and rolling storms the only change in recent times on the weather front, we are faced with what looks to be another dry and warm winter. Over the last 2 to 3 weeks, most feed grains have softened, which mainly has been a little easier on current lot feeders and graziers as prices have been more than costly over the last few 6 months. As conditions deteriorate, the prevalence of protein meals (PKE, canola and soybean meal) is increasing by the day. These substitutions, along with hay and grains is keeping nutrition for stock at the needed levels to keep them from losing condition and value. Though, as more livestock are set for sale in coming weeks, the market follows by continuing to tumble, showing cattle farmers don’t see any change to help them through winter. Pulses have not changed in the past week, nor do we expect much movement till either India re-joins the market or increased demand post Ramadan.
Cotton traded highly early in the week, this looked to be brought on by positive trade negotiations between the US and China, as US cotton appears to be able to prosper more from this news. Picking continues around SQ and NNSW as reports on yields are yet to trickle down the grapevine, though as more is stripped around the area we should gain a better grasp of how this seasons production will fare. Bale prices today have jumped nicely for current and seasons ahead, 2019 $622, 2020 $600 and2021 $545(at time of writing).