Futures were mixed last night with wheat 5.5 cents lower, corn up a few cents and soybeans up 10 cents. Our Aussie Dollar dropped 1.6 cents overnight, which has led to stronger values locally today. We are seeing wheat values $1-10/mt stronger, depending on grade and location.
Higher grade wheat remains at a premium to lower grades into packers and in the system. We still have the view to sell higher grade wheat now and if you were looking to retain wheat for sale in the coming months, that it will be those lower grades that will rally the strongest if it remains dry. Durum is the shining light of grain prices this season. We have mentioned previously we have strong demand for durum, this remains and we would like to see offers on DR1 in the system and on-farm. Today, we have seen DR3 spreads narrow to a $25/mt discount to DR1.
We have strong demand for canola both in the system and ex-farm. Bids around Narrabri are around $435/mt ex-farm for min 38% oil, flat priced. We have Nov/Dec/Jan homes into this market. Likewise, we also have oil markets that would be subject to full AOF specs for high oil canola.
Faba bean values are still around $400/mt delivered Moree, $395/mt into Wee Waa, however most of the crop has been sold into these export slots or bunkered down on-farm for sale over the coming months into the domestic market. We do have interest in some Feed-type fabas around $335-340/mt ex-farm Narrabri.
We still have hectare contracts available for mungbeans. Please contact us to discuss options. We also have seed available in Crystal and Jade varieties.