Overnight wheat futures were down 6 cents and closed at 699.75US cents/bushel, after trading up 5.5 cents early in the session. Rain in dry areas of Argentina and discussion that their crops aren’t as bad as first thought pressured, as did talk that the market was overbought along with profit taking. December corn finished up 2.5 at 444 US cents/bushel however was well off the early highs, due mainly from an active US harvest and favorable harvest conditions for the week ahead. November beans closed up 12 cents at 1303.25US cents/bushel and at the highest level since Sept 27th. A surge in meal and steady soybean oil prices lifted soybeans along with solid demand news. An active harvest and high yields couldn’t offset the bullishness in overnight trade.
With harvest well into the swing of things now in NNSW, we are fielding more calls daily with enquiries for barley, chickpeas, wheat and canola. We believe the majority of fabas were either forward contracted or sold off the header and those that are still on farm will remain for some time due to the price decline a few weeks ago.
We have exhausted homes for prompt canola movement ex-farm but have Nov-Dec homes as well as flat-priced canola. Today these values are around $440XF Narrabri and $430XF Garah for flat-priced canola with an average 38% oil.
Chickpea values remain fairly flat and demand is still minimal. We believe that growers who are electing to store peas and wait for ‘better’ prices and demand may need to do so well into next year.
Wheat is being harvested in all areas north of Narrabri and although we have priced all grades, the generalisation of this earlier harvested wheat is higher protein and minimal screenings. Of course some people fall outside this generalisation, however most people agree that frost damage is significant. Buyers are reporting that they are very quickly filling their positions and are trying to find new homes to meet selling demand. Within the Brisbane zone there are really only two grades trading; APH and 70/10 and the spread is approximately $8-10/mt. We currently have homes for all grades of wheat, some grades are able to be moved quicker than other grades. If you are unsure about what to store on-farm, deliver to the system or find delivered/XF homes for, we suggest growers call us to do some price comparisons so you can gain the maximum benefits for your grain.
A reminder that AgVantage have made available warehousing of chickpeas and faba beans at Agripark Moree. We also have grain cleaners available for hire or purchase. If you are experiencing dirt, screenings or weed seeds in grain, please contact us to discuss. We have sold a number of these already to growers who have had admix and green pods in canola, splits, dirt and weed seeds in chickpeas and also to one of our buyer clients to ensure they have in-spec product for their customers.