Fact of the Day – Each year, the president of the U.S pardons a turkey and spares it from being eaten for Thanksgiving dinner. The first turkey pardon ceremony started with President Truman in 1947. President Obama pardoned a 45-pound turkey named Courage, who was flown to Disneyland and served as Grand Marshal of the park’s Thanksgiving Day parade!

Mid-week rain swooped across the Upper Hunter, Liverpool Plains and the North West, with falls varying but no figures to report currently as it continues to pour whilst writing. The early weeks of November weren’t as harsh as weeks prior, though they were warm enough to add to already struggling summer crops. If this rain continues, even at intervals, we should expect an increased plant heading in to the New Year to take advantage of improved soil moisture, plus improved crop conditions. With rain being a positive, the negative of the week has been the allegations from the Chinese as they launch an anti-dumping probe into Australian Barley exports. This news has understandably shocked and softened the market per se, with many already jumping to conclusions that this is a retaliation to Australia siding with the US over security measures in the south pacific sea. Like most things in this day and age, politics will always have an influence, and for now it seems like that’s the case with reports saying that this has been in the works for some time. Though it could also be an instance of Australia being in the wrong which could also be more than possible, only time will tell. How this plays out for both parties will no doubt be addressed heavily at the G20 summit next week. Oil prices have slid further down and at the lowest of the year, so keep enjoying these lower fuel prices.

Touching on last week’s section on chickpeas, we are now at much higher prices around the region for both old and new crop. Even though the DCT market is a little softer, packers and buyers are still more than keen to pay a premium to get tonnes moving through the gates. This season crop seems to be having some trouble with quality in regards to some mould, off colour and high defects due to such dry peas splitting. Though there are avenues for off spec grain at discount whether it be delivered in to Narrabri, Goondiwindi or the Downs. Faba’s for new crop have dropped by twenty dollars and sitting at $760 for top grade, with last season’s beans priced at $630 ex-farm dependant on location.

Indicative Pricing

CHKP 17/18

CHKP 18/19

Brisbane FIS

$810/mt

$915/mt (Jan/Feb)

Downs Oakey

$800/mt

$900/mt

Goondiwindi

$785/mt

$880/mt

Narrabri

$790/mt

$880/mt

Wee Waa

$765/mt

$850/mt

Cotton futures have continued to drop away over the past week and have struggled to make back those losses. We don’t expect any changes for the remainder of the week with markets closed due to the Thanksgiving national holiday. We should have some more information to work with come summit time next week. Prices today for seasons ahead now stand at 2019 $603, 2020 $595 and $530/bale for 2021 and 2022 (at time of writing).

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