There has been a lot more selling activity from the grower over the past week. Although the Easter weekend slowed things, growers looked to capture the higher market. And luckily they did as Ag futures eroded nearly all the weeks` gains in the Wednesday night trading session to sit lower today. Chicago Corn and Wheat futures had made a steady climb on the back of news of drier conditions in the US, all to be ripped away in one go in Wednesdays session, falling US6c/bushel and US12c/bushel respectively.
Sorghum has traded pretty much sideways this week, with more selling coming from the Liverpool plains growers rather than the NNSW and Darling Downs growers
High protein wheat grades have found some support with H2 bid in the system at $266/mt NTP Newcastle and APH2 at $280/mt, showing a significant premium to other bids in the market for similar grades. Barley ex farm has moved higher also, NNSW bids have been around $200/mt ex farm, but grower engagement is hard to find at these levels
The SFW market is very quiet, with little demand and sellers reluctant to place parcels in this market. Bids delivered NNSW and Darling Downs are around $245-55/mt delivered. With not too much changing week on week.
Cotton picking has well and truly ramped up, with many of the early growers finishing already. This has done nothing to get the cotton merchants excited, with basis falling another 50 points this week. Bids for current crop have floated between $410-20 a bale. Chickpeas remain bullish, and seemed to have deflected the Australian dollar rise, moving higher today. New crop faba beans are very quiet from the buyer side. Egyptian monetary worries continue to impact that market, with numbers in the low $300’s quoted as levels where buyers would look to price them.