Fact of the Day – Today is the autumn equinox, this marks the vernal equinox for those in the southern hemisphere. During the equinoxes, the day and night length are equal all around the world. The equinox occurs at the same time regardless of where someone is located.
The weekend just gone has brought a fair chunk of rain for some growers around NNSW and SQ. Reports of falls between 30mm-250mm over the weekend between Narrabri and the border have been a welcome change of scenery and we have reclaimed a bit of optimism for the hopes of the season ahead. Obviously, this cannot be a one-off event, that amount of rain will near need to be a fortnightly occurrence for the next few months. Though, recent reports from the bureau show that there is now an increased alert for the outlook on El Nino, thus giving the already struggling climate a theoretical kick in the head. How the next few weeks to months pan out is really based on a flip of the coin, though for now it still looks bleak.
We are now stampeding towards April and the feed markets are holding their own as demand continues for those needing cover over winter. Bids are steady with sorghum still priced at the $350/mt level ex-farm around the Narrabri and northern areas. Protein meals and roughage are also sought after on a prompt basis. These additives are working as great substitutes for stock nutrition and fibre, but also works out to be a little more economical for those working on their price to value rationing. Pulses are yet to be commented on this year, they say “no news is good news”, though at this point we could all do with a little more insight and news in to where overseas demand is heading.
Cotton has had a promising week. The futures have been firm with any losses being only minor. We saw a slight hesitation from the market as US-China negotiations look to drag out longer, though this seemed to be brief as the trade put it to the side and kept on with daily business. Gins are beginning to get in to full swing around the area, with picking continuing throughout border regions heading south to Moree. With production uncertainty a worry, along with the risk of forward selling, it is still promising to be above the $600 level for now.Bale prices today have jumped nicely for current and seasons ahead, 2019 $625, 2020 $605 and 2021 $550 (at time of writing).