Yesterday brought the Southern Hemisphere’s winter solstice, marking the day with the shortest period of daylight, the longest night of the year and cementing that the cold dry winter has well and truly arrived. The eastern side of Australia continues to be substantially dry with no rain forecasted, for Northern NSW the outlook is dismal for any expectations of moisture, which in fact could prove detrimental in the coming months. In regards to the current climate conditions in the US, weather events across the mid-west have been given a dousing of rain that will impact top soil moisture positively to a certain degree despite the heat that has been drying out the central Corn Belt significantly. European conditions have been somewhat hidden from recent news, though Western Europe’s production levels continue to battle the heat for the remainder of the week before hopefully receiving some forecasted respite. To sum up the weather across the globe, anything and everything is expected across the board from forecast to forecast.
Wheat has continued with its positives from last week remaining substantially high price wise. Feed Wheat for January 2018 is quite enticing with bids at $300/mt delivered Darling Downs. Prompt bids at the moment are low $290’s. F1 feed barley has jumped up by $10, now sitting with bids at the mid $270 mark. Sorghum, as like previous trends is stalking the Wheat and Barley prices, the bids seen delivered Downs are strong at $275-80/mt for June 2017. Chickpeas remain to be steadily lowering further from last week with prices showing below the $1,000 benchmark for the first time in a while at $960/mt Narrabri, or $985 Darling Downs for July delivery. As spoken previously, the fasting period for Islam in which is Ramadan, concludes this coming Saturday. This being said, the finish will hopefully lead to an increase in demand across the export market as the religion constitutes 25% of the world’s population. New crop chickpea bids remain untouched currently and are around $800 Narrabri and $820 Darling Downs for October/November delivery. Faba beans are still an upsetting subject with the market continuing to settle at values such as $200 Ex-Farm around the Narrabri and Moree area. 2018 multi grade APW NTP Newcastle is still bidding pleasantly around the $280-$285 point.
Cotton has again slowly decreased its prices this week. Prices have dropped to some extent as of late to around $520-25/bale for current crop, with new crop 2018 taking an upsetting plunge and hiding just under the $500 mark at $490 to $500/bale. The AUD/USD has had a calming week with the rate just sitting shy of the $0.76 spot as mid week hits. Agri‑exporter currencies are generally undulating off their latest peaks. The AUD has shadowed this trend.