As we are quickly approaching the downhill run of 2017 with only a couple more days left of June as well as the financial year, this has brought a predicted forecast of some welcome rain around Northern NSW (NNSW). Today the forecast is projecting a nice change of 20-40mm but I wouldn’t suggest holding your breath just yet. Here’s hoping it hits all the right places, which is pretty much the whole region at the moment. The weather as of late has had a lesser winter impact on the area with days heating up to the mid 20’s, though the weekend ahead is showing a bitter change which is sure to bring a nice welcome to what seems to be a chilly July ahead. In the US the rain like usual has typically evaded the thirstiest parts, this increases the impact of pressure on the pastures and winter and summer crops, even though the temperatures have been lower.
Modifications in USDA crop progress report were reassuring of the offshore markets helping the prices stay in the green despite the slight drop on the good to excellent rated crop. Feed Wheat for January 2018 remains at the high it climbed to last week at $300/mt delivered Darling Downs. Prompt bids at the moment stand at the high $285-90’s. F1 feed Barley has again kept slowly climbing over the past week bidding at $5 higher at the $275 mark. Sorghum, continues its firm rise hitching a ride upwards with the Wheat and Barley prices, the bids seen delivered Downs are stronger at $275-80/mt for August 2017. Chickpeas continue their sub $1000 levels from earlier in the month and have kept firm at $950/mt delivered Narrabri, or $965 Darling Downs for July delivery. Ramadan has now come to a conclusion and we sit, watch and wait to see how the market reacts in regards to Chickpea demand abroad. 2017/18 chickpea bids have fluctuated minimally and continue generally unscathed currently at $800 delivered Oct/Nov Narrabri and $850 Darling Downs for September and early October delivery. Faba beans have had some activity in regards to Ex-Farm parcels, though there is still not enough of a firing market to warrant a large lift in price out of the blue just yet. Values such as $205 Ex-Farm around the Narrabri/Moree area and $210 Downs seem to be as exciting as it gets for time being. 2018 multi grade APW NTP Newcastle has showed its worth and lifted $5 this week and bidding firm at the $290 mark.
Cotton has remained at its low from the previous weeks fall. Prices are not much to jump up and down about but continue reasonably strong at $525/bale for current crop, with new crop for the 2018 season at a mark of $495-$500. The US Dollar was more solid alongside majority of the further agri‑exporter currencies early this week. The Euro has come to the forefront of the exchange rallying up to its peak level since August 2016 and the AUD/USD continues to hold its place at just over the $0.76 level.