Fact of the Day – The “First Thanksgiving” was celebrated in the United States by the Pilgrims after their first harvest in the New World in October 1621.

With the North West and Southern Downs having faced a rainy weekend, it has brought more of a bitter sweet sensation for some depending on which side of the summer/winter crop fence you are standing on. For growers just having finished planting Cotton and/or Sorghum, the weather brought solid soaking rain dropping in areas of 35mm at Narrabri, 65mm in Gunnedah and 45mm for parts of the Gwydir valley. For the remainder of growers still looking over paddocks of unstripped Chickpeas, the fall just elongated their harvest and increased worries of further progression with more rain set for next week. On an international scale, the US markets look to remain quite placid this week as the nation is set to celebrate their Thanksgiving holiday on Thursday followed by the well renowned Black Friday sales.

With the 2017 winter crop harvest stretching from Queensland south to Narrabri all but over, we suggest looking to what quality and quantity is stored on farm and at local depots and making some small time decisions on a marketing front before the festive season. As protein wheat remains lower then peak harvest time, there is still significant demand for the higher protein grades delivered in to the packers and/or in the system. For feed Wheat, we are still seeing the price gap narrow between the protein and feed markets, this shows us that the domestic demand is still strong and feedlots are looking for tonnages heading in to the New Year and over the summer period. Feed Wheat in to the Downs is much unchanged from last week and for prompt sits at $320/mt with January delivery around $325. Continued forecasted rains seem to be fluctuating the Barley market again this week, though a small spike has seen prices at $318 for a New Year delivery in to the Downs. Faba’s, old crop is still in demand for pick up before Christmas and remains at $250 subject to location and $300/mt is still the best price for new crop delivered Narrabri.

From where we commented last week, not too much has changed on the Chickpea front. We have seen the speculation and uncertainty ease up though there is nothing set in stone for now in regards to future tariffs and Indian intervention. We hope to see this event calm down as the dust settles and Australian traders get on the same page as those on the sub-continent. Prices are still not where they were at the start of the month, though as stated there is still a little bit of uneasiness which has forced buyers to tread carefully this week too. Prices in to Narrabri are floating around the $725 mark and $745 delivered Downs subject to confirmation as the market is still quite volatile. Hope to have more conclusive and concrete findings come next week, stay tuned!

The US Cotton harvest is now three quarters of the way through according to data from the USDA and also above the average pace on previous seasons. For this week the futures market has rallied by 12% for March 2018 contracts and this has seen bale prices reach levels enough to tweak some interest for most. Cotton Futures are also looking to be on track for another successful November period. 2018 prices had a rise to the $535 mark earlier in the week and today sits at the $530 mark with 2019 at $510. Weather conditions over the next two months will be very telling with the bureau of meteorology expecting the La Nina formation to not exceed average rainfall levels this summer. The Aussie dollar has slid down this week though made a slight recovery last night and sits at $0.762 (At time of writing).

Market Report

    Your Name (required)

    Company/Trading Name (required)

    NGR Number (required)

    Region (required)

    Your Email (required)

    Phone (required)