Chickpeas and faba beans have been the performer of the past week, with cotton also moving higher – which has many growers who were largely unsold relieved that the run down had ceased for the time being. Chickpeas have moved about $20-30/mt higher, which has seen some confident growers look to engage the market and get some more cover at these very high prices. Hectare contracts have also moved upward with high $700’s being achieved. Faba beans have been very flat up until this week when demand hit prices of over $400/mt delivered. In the current market for faba beans this price shows a good spike for growers looking to cover some price risk.
Cotton continues its fight back with common bids around $435, with some parcels trading at $440 this week.
Wheat CBOT futures were close to recent lows again this week, but have since found support on the back of the weather driven market. There have been some system and local feed spikes, and once again can be a good strategy for growers to secure prices above where market bids are.
Sorghum pricing continues to slip lower, as losses of about $8-10/mt have been seen across most of the zones.
The AUD has seen some large swings over the week, with every rally or loss, followed by the opposite the next day. At writing it was trading at US$0.7643.
F1 barley both in the system and ex farm remains very flat and demand very very lacklustre. With still plenty of the crop around and many feedlots/end users cover for periods out to 5 + months, neither are too worried to chase any large tonnage.
Mungbeans have and are being harvested with good quality being reported. Prices still remain very high, and we have seen new crop mungbean contracts being offered at similar levels to current crop.
If growers are still holding stocks, please call and discuss your options and your available stocks. If we know what stocks you are holding and the target prices you have we can review these daily for you and be in touch the moment we see a spike in a market.