Futures overnight were mixed with soybeans posting gains. The US crop is off to a good start and this is expected to limit upside going forward. Likewise with corn, the crop is experiencing good growing conditions and finished lower as a result of this pressure. Wheat posted small gains overnight on the back of wet harvest conditions affecting crop quality. This may render a portion of the crop ineligible for export standards.
Locally, sorghum homes for prompt movement off the Plains are difficult to come by as growers have been selling into the June/July delivered markets. Our homes for sorghum off the Plains for August/September are filling very quickly and will soon move into Oct/Nov delivery. We understand most growers are unwilling to sell this far out for cashflow reasons. SSOR in the system is currently being priced around $235-240/mt site on the LPP for June transfer.
For anyone with SOR2 in the system at Willow Tree, please contact us if you are looking to price, we have a pricing option for you.
Talking points and selling activity this week has been sorghum, 70/10 to work north onto the Downs, new crop faba beans, multigrade wheat and new crop durum. New crop durum prices have been around $370/mt Newcastle track for DR1 with discounts to DR2 & DR3.
Multigrade wheat values vary, depending on location. This week we are looking at values ranging from $300-320/mt on a Newcastle track basis.
The chickpea market remains quiet on both the old and new crop front, as do faba beans. Old crop beans are still difficult to place and new crop faba beans are still $415-420/mt delivered NNSW packer.
We may have an opportunity for old crop canola on-farm for anyone with parcels remaining.
2014 cotton values vary significantly at the moment depending on parcel size, location, delivery period and quality. We recommend giving us a call with specific parcels, especially any ginned prior to 4th July as we may have a higher value than posted on our DMR.
Remember, any price we quote you is the price you receive. We do not invoice you for a brokerage fee.