On a still night you can hear the purr of headers in the paddocks now after a weekend of perfect harvest weather. This weekend’s expected temps are in the high 38’s so we expect crops that are still turning to come in pretty quickly. Faba beans are still being harvested and those heading into Moree have been reasonable quality, but into Narrabri we have seen a few loads rejected for trash/weed seeds and high admix. These are all problems fairly easy to solve with grading. A reminder we have Kwik Kleen machines for sale & hire – which do a fantastic job on cleaning up fabas and peas.
Wheat into Narrabri is coming in as mostly APH, and some loads screenings 5-10%. With the current strong prices being offered into local packers, it’s pushed a number of traders out of the market, including domestic consumers/millers. We know most growers want to take a ‘wait & see’ approach to making wheat sales, but the current export market is not trading at levels being paid locally. We expect prices to drop once grower selling emerges. Currently, H2 delivered Brisbane is $325/mt and a $7/mt discount to APW.
Feed barley ex-farm for Jan/Feb pick-up or delivery is attracting a premium over Nov/Dec, today that premium is up to $25-30/mt.
We have been buying faba beans into Moree at $385/mt delivered with a $10/mt discount to No2. Goondi today would be a $408/mt delivered, and a $20/mt discount to No2 quality. Narrabri values aren’t very aggressive at the moment and are more like a $375-380/mt.
Chickpeas continue to remain fairly flat, and delivered Downs/Allora is where the money is. At $400/mt delivered Goondi, it makes sense to deliver to the Downs at $435-440/mt delivered. Narrabri values are closer to $380/mt delivered.
We currently have homes for canola ex-farm for Nov/Dec pick-up or Jan/Feb/Mar at a $20-25/mt premium. These contracts are flat-priced, with a minimum 38% oil requirement. This would be ideal for anyone with oil content lower than the AOF spec as the price is competitive with full AOF spec prices.