Wheat overnight took a dive and closed down 9.75 cents, losing almost 30 cents since last Wednesday. Selling was present due to a weakness in corn, good moisture in the plains and excellent establishment for the soft red crop in the southern Midwest. The December corn contract overnight lost 9.25 cents and closed at 430.75 cents/bushel and is the lowest level since August 2010. Long liquidation selling was sparked by moves below last week’s and October lows and talk of high yields and good weather for the next few days. November soybeans closed down 28.75 cents with strong demand news and a strong cash basis failing to attract new buying interest. Good weather, high yields and expectations of a bumper South American crop sparked long liquidation selling.

Locally, we are making good progress on harvest in the north as weather conditions have been perfect. Wheat quality is mixed with large volumes of high protein around this year and screenings are mixed. In the earlier crops screenings were minimal however we are seeing more screenings now in the slightly later crop. Yields are also mixed and vary depending on rotations and fallow, sowing dates and location. Edgeroi/Bellata yield reports are between 2-3.5mt/Ha and a grower at Rowena has reported 0.2-1.6mt/Ha.

Chickpea quality is reasonable with a number of growers requiring cleaning to remove weed seeds but the overall quality of the peas has been good. Values have remained steady and have traded at $335/mt delivered Moree and $345-8/mt delivered Narrabri in the past week. We have demand for 5-600mt faba beans delivered Goondi at $365/mt for No1 quality. Feed faba prices are around $345/mt xf Narrabri/Edgeroi/Wee Waa.

Feed grain values remain well supported and this week we have seen values around $250XF south Goondi for Jan pick-up. $275-280XF Moree area is achievable for 70/10 and min ASW type wheat for Nov/Dec/Jan pick-up. APH values this week have come back a bit which is due to the lack of offshore bids. Feed barley values ex-farm are between $245-250XF in the northern regions for Nov/Dec/Jan pick-up.