Fact of the Day – Super Bowl LII – On Monday the 1,151 combined yards by the two teams was the most in any NFL game ever. The 74 combined points are the second-most ever in a Super Bowl. Tom Brady set a new Super Bowl record with 505 passing yards, breaking the record he set in last year’s final win over the Atlanta Falcons (466).
Towards the end of last week, the North Western parts of NSW received scattered rain with some growers experiencing up to 30mm in only a short space of time. Although other parts received less, it was still a positive change to replenish top soil moisture and give summer crops a well needed drink as they approach their respective development stages. Rainfall throughout January was very much below average which has also affected multiple layers of soil across the region. Looking over the next five to seven days, temperatures are expected to rise again reaching the high thirties and continuing on to this time next week. Heading across the Pacific, the Americas are facing some degree of weather troubles with Argentina receiving some rain but nowhere near enough, whereas the US plains are still lacking any falls. This in return has supported grain and oil values on the Chicago Board of Trade (CBOT) and Intercontinental Exchange (ICE).
Sorghum is now the word of the month as growers from the Darling Downs South to Narrabri are getting in to their paddocks or edging closer. For now there isn’t an abundance of grower engagement as most are waiting to check quality and quantity before moving in to the marketing of the grain. With the hot conditions forecasted to continue over the next week we don’t expect values to alter too much from where they have been in recent days. Factors such as the weakening Aussie dollar and China and US dumping allegations should force our market to be that little more competitive. Prices delivered are Brisbane $315, Darling Downs $300, Narrabri $270, Tamworth $290 and Newcastle $305. Barley and feed Wheat demand has rallied also this week with F1 and SFW1 reaching $335/mt delivered Downs, $315 Texas and $295 in to the Liverpool Plains (At time of writing). Faba beans as usual haven’t had too much movement and are priced at $270 ex-farm depending location and subject to enquiry. High quality beans are also indicative at $290 in to Goondiwindi and Narrabri.
Chickpeas continue to wreak havoc for growers and buyers as the volatility of the market remains with prices fluctuating back and forth every day. Demand out of Pakistan comes and goes in very short stints, this makes marketing not as simple, especially with a floating AUD. On Wednesday morning India increased the Chickpea tariff by 10%, though this won’t really play too much in to the market prices as they are not buying regardless. So far this week we saw prices hit a high $685 for Brisbane delivery, $670 in to the Downs and $650 Narrabri/Wee Waa. Though in between this high and today there has been many buyers pull back from the market as well as injecting a premium to secure some tonnes in the short term. For delivery in to Brisbane today prices rallied even more at $700, Downs $665 as well as $580 for October/November delivery and $650 in to the Narrabri and/or Packers.
With the Monthly reports due to be released Friday, the market doesn’t have much to go off until the data is available, we expect the levels to remain unchanged until the publication comes out later this week. After the rain received last week gave current crops a nice boost, the conditions are set to go back to the same faced over the past two months, hot and dry. We have seen the prices come back over the last 2-3 weeks and bale prices over the next three seasons sit at $535 for 2018, $525 2019 and $510 for 2020. The AUD finished with a slight gain yesterday and today sits at just over the $0.78 mark.