Agricultural commodity markets have all dipped lower over the past week, with fluctuations in the markets resulting from speculator and fund views with no real news from a fundamental point of view.  December Chicago wheat has had three days of losses, finishing at $US4.83/bushel on Wednesday night, the lowest it has been since mid September. Although from a technical point of view it would appear that we have reached the bottom of the range and should see some buying back into the market. Globally; stocks are still sitting very comfortably and that doesn’t seem to be changing anytime soon. As northern hemisphere crops move closer to the dormancy period it is unlikely any real data will influence the markets. We have a potential for movement in prices here domestically as concerns over crop quality come to light, growers north of Narrabri have generally had no issues and are very close to finishing harvest, but the growers in central and southern parts of NSW are having a really tough time of it. Our yield probably wont be too affected but what is going to be affected and we are already seeing is that spreads between lower grades, as more and more wheat is being classified as, and higher grades of milling wheat will widen, not necessarily meaning prices will skyrocket but there should be good values for better quality wheat as we move into the post harvest period. Growers with high protein and high screenings, or HPS grade have the option of delivering into Narrabri packers at a good premium over the Graincorp system, and also ex-farm December/January will be a good time to price this grade. Chickpeas have remained stable over the week, only fluctuating $40/mt or so (which is a small fluctuation for peas), with most growers looking to sell as soon as they are harvested. Barley is struggling to find its place in the market with most values having a $1 in front of it if you were looking at ex-farm bids. Durum is slightly lower this week, with no huge appetite just yet, interest is in Newcastle port with delivered and port pricing the exact same yesterday at $422/mt for DR1.

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