Fact of the Day – The historic Ashes urn is too fragile to travel, it’s usually kept on display at the MCC Museum at Lord’s. It has only been taken to Australia twice since 1929 – firstly for the 1988 Australian Bicentenary celebrations and then as part of an MCC-organised touring exhibition, which took place from October 2006 to January 2007.
Heavy rains peppered the North West over the weekend with drops of up to three inches recorded for some growers with most seeming to average around 25-50mm. Seems we have now gone from one end of the spectrum to the other in the space of three months regarding weather conditions. You never wish away the rain though with there still peas to be stripped, the remainder of the year is not looking too promising for most in this very predicament. Looking to summer, we couldn’t have asked for a more pleasing start to the season with most growers trying to get in as much Sorghum, Cotton and amounts of Mungbeans in the ground across the Liverpool Plains, North West and Southern Downs.
With generally wet and mild temperatures forecasted for December, we expect feed Wheat prices to remain firm with demand steady as the market looks to the SNSW and Victorian crop conditions after the weekend’s rain. Pricing remains pretty well unchanged moving in to the New Year, though the market has just softened due to the heavy southern rains. Feed Wheat came back five dollars for January delivery in to the Downs to $320 with some room for carry from March to April. Old crop Sorghum still remains to be in demand as buyers are looking to acquire tonnages before the 17/18 season comes off next year. New crop prices remain strong even with the recent weather across the planted regions at $260 for Downs delivery. Faba Beans are heating up for domestic demand as buyers are looking for prompt and New Year tonnes. With the amount remaining on farms from the previous season we should see pricing increase by a small amount for the short term, prices still remain at the $255 ex-farm level depending on location.
Chickpeas once again, no solid news to comment on this week unfortunately. With prices still fluctuating just under the $700 mark around the Darling Downs and Narrabri areas, there is no sign of the tariff that caused all these problems being imposed on Chickpeas, though the market has already been affected quite substantially over the past month due to the uncertainty and speculation. We expect to see some positive news looking to 2018.
Cotton continues its moderate strength this week with not too much variation in the futures market. The ABARES has just released its forecast for next season and has reported a small increased level of production provided by the reassuring weather seen across the prime growing regions. The WASDE report is due out next week so reports on a global scale will be interesting to see how this could affect the market, a smaller production estimate could really strengthen the futures market, stay tuned!! 2018 bale prices have just come back a little this week and are bid at the $540 mark with 2019 at $520 (At time of writing). The Aussie dollar rallied yesterday by a small amount but returned back to the $0.76 level at markets open today.