Fact of the Day – Mariah Carey is thought to earn royalties of around $660,000 every year from her hit ‘All I Want For Christmas Is You’, the song was announced as the most-streamed Christmas song of all time.
As summer crops struggle this week with the mercury hitting 44 degrees in parts across the North West, we look to the New Year and what weather is forecasted ahead. In saying that there is nothing too promising on the horizon for now which can and will detrimentally impact plant progression and top soil moisture if there is no follow up rain in early January. With a brief look in to the US, their crop looks to be under some pressure as well with the winter showing its true colours and a cold snap on its way, though this doesn’t look to have too much of an impact on their export schedule. However it could definitely wreak havoc on the current crops that are in their early development stages.
Feed Wheat continues its strength due to the lack of supply around the main growing regions due to majority of grain stripped going in to the protein export market. Feed What for January delivered in to the downs still remains firm at $325 with Barley narrowly following at $320. Continued demand for old crop Sorghum also is there, though all eyes are on the state that new season is in and how it will fair heading in to 2018 after the recent heat. Sorghum for March/April delivery is bid at $270 for the Darling downs and ten dollars more in to Brisbane. Faba Beans will still be sought after heading in to next year for domestic interest with prices for now at $255-65 depending on location. Chickpeas…. nothing to report on much like the past few weeks, prices in to Narrabri sit at $650-60. Will not drag on about them as do not want to end the year on a sour note.
The Cotton futures market has held its own since the WASDE report last week and has been flirting closely with how the Australian dollar has been moving as of late. 2018 bale prices have dropped by a few dollars since the weekend and has seemed to have settled today at $550 per bale with 2019 crop at $520 (At time of writing). The Aussie dollar since Saturday has made sudden gains and today opened at $0.766.
From all of us at AgVantage Commodities, we wish you a very Merry Christmas and a Happy New Year.