Fact of the Day – Earlier this week Paul Allen passed away, Allen was the co-founder of Microsoft, an American business magnate and philanthropist. He owned the NFL’s Super Bowl champions, Seattle Seahawks and the NBA’s Portland Trail Blazers. Allen also spent a lot of time on his 414-foot yacht worth $200 million equipped with a recording studio, two helipads, two submarines run by a crew of 60 and oh so much more.
Even though the humidity is not a welcome change, the rain definitely is. Now it’s not the 500ml that the east coast got over the last 10 days, but it is certainly a start. The falls have been scattered, though the gap between them is what’s decreasing, with forecasted drops for the rest of the week. Depending on quantity, this will affect some harvest plans, but for most it is a more than welcome to finish off the later planted crops and ahead of current summer plantings. The overseas market isn’t impacting our prices here at home by too much, all demand still is looking to be domestic for the time being.
Sorghum is where most are showing considerable interest at the moment. With the on and off rain alongside the planting period now upon us, both traders and growers are interested to see where markets sit themselves in the coming weeks. New crop Sorghum is bid for March, April and May at $370 delivered Downs and XF LPP, Newcastle track is at $390. For now we should see a solid plant around the Southern Downs, border regions in NSW and the Liverpool Plains weather permitting, though whilst China aren’t showing too much interest, the demand will stay at home for graziers and lot feeders. Old crop is firm at $420 delivered in to the Downs market zone. Whilst most grains for stock feed have been quite exuberant understandably, new and innovative alternatives are being sourced to ease the pressure on finances. Almond hulls, palm kernel expeller, straws, hay and other by-products of traditional feed have been used and still holding their own in regards to nutritional value and accessibility as cheaper substitutes.
Pulses are becoming of more interest heading in to the November period as more and more reports trickle through the grapevine on current yields and quality. Obviously the fresher and lighter Chickpeas are sought after at a premium, though when the new crop influx starts to settle or finish, there is still going to be a need for peas regardless. We expect old crop to take the back seat for now and not move much until the new year though, we must remember at any moment India could come back in to the market and drive our prices north (here’s hoping). For now we have old crop set at $740 Narrabri and $770 Downs, with 18/19 crop holding strong just above the $805 mark. Fabas will continue to be chased for export and stock feed regardless of the season. Recent trades indicate feed Fabas at $620-30 (depending location) and new crop top grade beans at $750 Narrabri.
The recent rain is a fantastic sign heading in to planting for this year’s Cotton if it sticks around. Whether it be dry land or irrigated it is a positive start when looking back on the last 10 grim months. Prices today for seasons ahead now stand at 2019 $625, 2020 $593 and $535/bale for 2021 and 2022 (at time of writing).