A dry week last week meant harvest is progressing well despite abnormally cooler weather. At this time of year we would usually expect some balmy 35 degree plus days, but we have seen average daily temperatures well below that recently.
The trend in wheat protein continues with the majority of Bulk Warehousing stock being delivered as APH1 and APH2. We have seen some APW1 and ASW1 grades come to market recently, although not in huge amounts.
Wheat markets are noticeably more liquid this week, with sellers happy to cash high protein wheats given the current price.
We have seen APH1 bid consistently around $330-340/MT depending on the location, and with such historically high values most are happy to commit sales to keep the funds ticking over.
We haven’t been seeing as much liquidity in the barley market, which isn’t surprising as the majority are opting to utilise onfarm storage for potential sales outside the harvest window.
Canola values continue their firm run, and it’s all due to domestic S&Ds.
Supplies of canola in Northern NSW are going to be tight this year, and growers aren’t selling in any great hurry. We expect canola values to remain quite firm in the absence of the normal level of harvest liquidity we typically see at this time of year.
Chick pea harvest in Central NSW is still a few weeks away as cold weather has postponed the maturity of pulses, although we have seen some early harvest tonnes come to market and get sold down the shute at present values.
Looking forward, growers are weighing up their summer planting options, as recent rains and available fallow has many looking to take advantage of available profile while it’s there.
Sorghum is by far the most common and consistent option, although there has been enquiries around mung beans as well. Mung beans can be a great break crop with its short growing window, though yields can be quite variable.
Extreme temperatures over the summer can have quite a negative impact on mung bean yield and the end result can be quite disappointing, but they can be an excellent high margin summer option in the right conditions.