venedorJanuary 12, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (12/01/2024)

Global wheat markets experienced a seasonal slowdown during the festive season break, while Australian wheat markets remained quiet as well. In SE Asia region, APW being quoted at U$305/mt levels & AH2 being quoted at U$385/mt levels to CFR major SEA ports.

In desi chickpeas, experiencing slow demand in new crop from any destination. Nepal is completely absent from participation. No price parity in Pakistan & Bangladesh market.

Australian lentil demand is bearish in India, we heard trade offers for NIP1/HAL1 at U$735-740/mt levels to Kolkata with no firm buying interest. Limited trades reported last week between at U$710-715/mt levels in containers.

We are seeing some trade activities in Pakistan around desi chickpeas as Ramadan is near buyers are trying to secure coverage in Jan shipments. We heard trade offers for CHKM quoted at U$625-630/mt levels to CFR Karachi for Jan shipments in containers & also we are hearing trade offers for NIP1/HAL1 at U$730/mt levels to CFR Karachi in containers.

In Nepal, no major developments are observed in Australian lentils, desi chickpeas & Canola seeds. As we are hearing buying idea for GM Canola min.44% at U$580/mt levels to CFR Birgunj in containers.

The Chinese market is silent as no firm demand coming for Australian barley & KASPA PEAS. Buyers are receiving trade offers of Russian barley at U$230/mt as the feed market searches for low-cost barley. For Australian sorghum, we are hearing buying idea at U$320-330/mt levels for new crop to CNF China major ports in containers.

In Egypt, we are observing some activity in Faba beans, as we heard trade offers for Faba beans quoted at U$485/mt levels to CFR Damietta in containers.

The Bangladeshi market is silent, no participation from buyers.

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venedorDecember 22, 2023Weekly Market Update

Grains, Pulses & Oilseeds Market Update (22/12/2023)

The Red Sea has been hit by multiple attacks, posing significant risks to global trade and shipping, increasing the cost of insuring and shipping goods through the region.

Despite China’s purchases of US wheat, Russian wheat remains a key competitor in global wheat markets. Australian wheat markets have experienced a decline in the past week, largely due to a stronger Australian currency and a lack of activity.

Australian wheat faces fierce competition with Black Seas wheat in the SEA region, with large millers already covered till February 2024 and pocket-sized demand emerging with limited buying interest. SEA trade offers are being quoted for APW at U$310-312/mt and APH2 at U$380-385/mt levels in containers.

In desi chickpeas, market activity is minimal as growers and trade slow down for the festive season, and overseas interest remains low.

Pakistani buyers seek Ramadhan coverage as we are observing desi chickpeas demand & sluggishness in Australian lentil demand. We heard CHKM trade offers quoted at U$620/mt for Jan/Feb shipments & NIP1/HAL1 trade offers at U$735/mt levels to CFR Karachi in containers.

Yellow Peas have found a new home in India, indicating no significant demand for Australian red lentils, and heard trade offers for NIP1/HAL1 at U$735 levels have not been met with firm interest.

China’s KASPA PEA and Australian sorghum new crop are experiencing minimal trade demand, with possible buying ideas of U$425/mt levels and U$330/mt levels respectively to CFR Tianjin port & as we heard that US sorghum traded at U$320/mt levels to CFR Tianjin.

In Bangladesh, we are seeing some interest for Australian desi chickpeas, as importers are searching for supplies in mid-January to cover Ramadan. Heard of a few trades to CFR Chittagong for January and February shipments in December, at a price of US$700/mt levels to CFR Chittagong in containers.

In Nepal, there have been no significant developments in Australian desi chickpea, lentils, and GM canola due to buyers’ willingness to wait because of premium prices.

October Export Report Summary as per ABS :-

  • Canola export increased by 5%, with major destinations being France, Japan, Mexico, and Pakistan.
  • Feed barley export increased by 108%, with malt barley down by 29%.
  • Sorghum export declined by 82%, mainly bought by China.
  • Lentil export decreased by 42.5%, with top buyers being India, Sri Lanka, and Pakistan.
  • Chickpea export increased by 49%, with volume buyers being Pakistan, Bangladesh, and UAE.
  • Bulk wheat export decreased by 6%, with containerized business up by 2%.

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venedorDecember 8, 2023Weekly Market Update

Grains, Pulses & Oilseeds Market Update (08/12/2023)

Global wheat market has been bullish due to spike in Chinese business of US wheat, they covered roughly 660,000 tons recently. Australian wheat markets have seen a boost due to the bullish strength on the boards. However, demand still lackluster and with expected slow export pace from CIS, there should be uptick in demand for Aus’s wheat in Q1.

As per ABARES, projection estimate lifted in December winter crop report on Wheat 25.5MT, Barley 11.1MT, Canola 5.5MT, Lentils 13.93MT, Chickpeas 528KT, Faba Beans 484KT, Field peas 238KT, & Lupins 524KT.

Grower selling on wheat has been generally slow this harvest with lower demand for export and lower grower engagement, however recent weather events in SA & VIC have protein spreads increase due to majority of wheat being harvested falling into ASW/APW range.

In chickpeas, demand for new crop Australian chickpeas is currently at a standstill, with little demand from any destination. No price parity into Pakistan, Bangladesh with limited interest and Nepal completely absent from trade.

In China, lackluster demand for Australian Kaspa Peas although with significant jump to Canadian YP due to India relaxing import restrictions, we hope to see some market reaction from China. We are observing demand for Sorghum (old crop) which trading at U$ 350/mt levels to CNF China major ports & no firm interest coming for Sorghum (new crop) as we heard trade offers at U$330/mt levels to CNF China major ports in containers for March/April shipments. On Australian barley facing competition with Argentina & Russian barley, we heard trade offers for Australian barley at U$270/mt levels to CFR Tianjin in containers.

In Pakistan, observing minimal trade demand for Australian red lentils, as we heard NIP1/HAL1 trade offers at U$730/mt levels to CFR Karachi in containers for Jan/Feb/March shipments. Some business earlier this week reported at U$720-725 levels CFR Karachi.

In India, no firm demand coming for Australian red lentils, we heard trade offers at U$720/mt levels to Kolkata in containers. We observed some small activity’s in faba beans over last week, which is trading at U$440/mt levels to Kolkata in containers.

Recently, India removed import duty on yellow peas to nil from 50% & allows import till 31st March 2024. More on next market report on market reactions and demand. Currently buyers and sellers are scoping trade direction and price discovery underway.

In Nepal, no major trade acitivity happening at the moment for lentils, desi chickpeas & canola seeds

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venedorNovember 24, 2023Weekly Market Update

Grains, Pulses & Oilseeds Market Update (24/11/2023)

Global wheat markets are hampered by the large export capacity of Black Sea grain producers, which results in a surge of cheap Russian/Ukrainian wheat shipments.

Australian wheat markets are experiencing lower prices due to harvest pressure and a stronger Australian dollar. Limited containerized export sales to SE Asia with pricing being quote APW USD 305 to USD 310 pmt – CFR major SEA ports & APH2 being quoted sub-USD 380’s pmt vs competing CWRS in bulk cheaper under USD 350’s into SEA.

In Desi chickpeas, sluggish demand for new crop coming from offshore market. Containerized business demand is limited for all destinations and no strong inclination of Australian sellers to sell at lower values. Keeps the market illiquid.

In lentils, VIC & SA lentils price roses due to market shorts to fill in early packing slots, despite of rise in Australian dollar since last week. VIC harvest deliveries have started.

In India, we are observing not much trade demand for Australia red lentils from the market. We heard trade offers for Nipper/Hallmark#1 to USD 725 levels in containers with no buying interest. Limited trades reported last 2 weeks between USD 715 to USD 720 pmt mark.

In Pakistan, observing minimal demands for Australian lentils. As we heard the Nipper/Hallmark#1 trade offers USD 725/mt levels to CFR Karachi in containers to final buyer.

In Bangladesh, we are getting enquiries for canola min.42% & also we heard that GM canola min.42% traded at USD 545/mt levels to CFR Chittagong in containers.

In Nepal, no major demands for Australia lentils & desi chickpeas. While in canola we see couple of inquiries last week with limited buyer interest. Buyers seeking values of USD 580+/- CFR Birganj with limited trades reported last week, Australia market remains strong with ongoing VIC canola seed harvest values not allowing any trade margins at these CFR values.

In Egypt, sluggish demand for Faba beans & lentils since last 3 weeks. We heard that Faba beans trade offers at USD 425/mt to CFR Damietta, though limited selling interest at these values and currency availability continuing issue with this destination.

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venedorNovember 10, 2023Weekly Market Update

Grains, Pulses & Oilseeds Market Update (10/11/2023)

The market expects wheat world ending stocks to be somewhat lower for the 2023/24 season due to dry seasonal circumstances in Australia and Argentina. Russian production is likely to climb from 85 million mt to 93 million mt, as the Russian government has revised its projection as per USDA.

In Wheat, Australian wheat markets this week have been experiencing lower bids ranging from A$5 to A$10 per tonne on soft wheats compared to last week due to harvest progress. Exporters are actively chasing APH where spreads have increased to more than A$120 pmt to APW and A$100 pmt to AH2 in some procurement arcs. QLD harvest is nearly complete and NNSW should finish in 1-2weeks, central and southern NSW harvest deliveries will continue to maintain pressure on pricing and we expect pricing to fall away another A$10-A$15 on account of harvest pressure in southern NSW and VIC. China supposedly continues its purchasing of APW wheat at/sub U$300 CFR in bulk. SEA containers offered indicatively APW – U$300-U$305+/- main ports; APH2 – U$380+/- main ports.

In Chickpeas, harvest seems complete in QLD/NNSW, demand remains weak for Australian desi chickpeas, only Bangladesh is a limited volume buyer as UAE, Pakistan & Nepal buyers are not participating due to premium prices . New crop CHK1 (23/24) indications CFR Karachi/Chittagong – USD 670 pmt.

In Pakistan, demand for Australian red lentils was firmer this week due to anticipated lack of availability of stock for Ramadan & buyers were actively participating. We heard Nipper/Hallmark#1 traded at U$720/mt levels to CFR Karachi in containers for Dec/Jan shipments. As local market is upside & also USD/PKR is supporting.

In India, minimal demand & buyers showing limited interest for Australian red lentils at the moment as we learned govt. bodies continue to tender and purchase is doing procurements to commerce domestic market due low production & election year on cards. We heard trade offers yesterday for Nipper/Hallmark#1 at U$725/mt levels to Kolkata in containers, some limited trades also reported U$700/mt for last week.

In Bangladesh, no major movements at the movement since last week trade of desi chickpeas no.1 at U$650/mt levels & also Kyabra is offering at U$690/mt levels to CFR Chittagong in containers. We see no major upside or significant demand levels and market continues to trade sideways on limited volumes.

In Nepal, no such major movement in Australian desi chickpeas & red lentils as buyers are willing to wait due to premium rates. CHK1(23/24) bid/offer spread at U$45 pmt CFR Birgunj; Australia canola seed still no demand as still at +U$50 pmt disparity to cheaper origins.

In Egypt, market has slowed down a bit on lentils, fabas and lupins as we heard trade offers that FABA Beans are offering below at U$420/mt & Nipper/Hallmark#1 at below U$720/mt in containers.

In China, lackluster demand for Australian pulses in containers. KASPA Peas no demand. We heard Russian yellow peas offering at U$330/mt at CFR China ports with lack of buying interest. In Barley, buyers getting offers at U$270/mt levels to CFR China major port. Sorghum sees limited demand.

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venedorNovember 3, 2023Weekly Market Update

Grains, Pulses & Oilseed Market Update (03/11/2023)

Over the last week, the global market wheat market remains unchanged.

Australian wheat local market prices remain unchanged, however in some regions where harvest is near about to finish, selling pressure is visible. In QLD prices are about A$5/mt less than week ago; WA harvest has picked up with reduction in price about A$10/mt, while Northern NSW harvest on full swing experienced lower price about A$15/mt; SA, Victoria & Southern NSW will be in peak harvest in 2-3 weeks. With harvest in Victoria commencing, wheat is now generally looking workable in containers to SE Asia although buyers also keeping a watch on harvest pressure to engage in coverage for 1st quarter of 2024.

On Barley, prices remain sluggish. China is allegedly purchasing more feed barley, and quality for this harvest is generally good with more Malt grade. This is causing feed/malt premiums to reduce.

Desi chickpeas harvest in NSW is on in full swing with bids from buyers remaining strong to upcountry packing sites. Destinations such as Pakistan, Nepal & UAE remain out for new crop due to significant spreads on old crop 1’s & CHKM vs new crop CHK1. At the moment only Bangladesh remains serious buyer for new crop CHK1 but with limited opportunities to trade them given the currency payment issues.

Lentils demand remains constant although pricing has been impacted by sluggish demand in India and harvest selling pressure in SA. Quality is generally anticipated to be good for this harvest in contrast to last year’s crop with significant quality issues. Victoria will harvest in 2-3 weeks with most packing sites now committed for Dec period and shipping window now spreading to Jan/Feb. Bulk shippers also gearing up with expected 5-6 vessels to be loaded 1st qtr 2024.

In Bangladesh, we are noticing trade some movements for desi chickpeas & buyers are actively participating in cover the stock before Ramadan 2024. We heard for CHK1 traded at U$650 to U$670/mt levels CFR Chittagong in containers (Nov/Dec) & also we heard trade offers for Nipper/Hallmark#1 at U$710-U$720/mt levels CFR Chittagong; for Kyabra desi we heard trade offers at U$690/mt levels CFR Chittagong for Nov/Dec in containers.

In China, no major demand for Kaspa peas against cheaper Russian yellow peas trade offers at U$330/mt levels CFR major China ports in containers. Australian sorghum demand losing ground at U$360/mt levels against cheaper US Sorghum trade offers at U$320/mt levels (all prices CFR major China ports). As we learned that domestic sorghum prices are more competitive & that hits imported sorghum very hard his year; For Australian barley, we heard trade offers at U$270/mt levels (CFR major China ports) with limited buying interest. Container demand in China generally remains sluggish.

In India, minimal trade demand for Australian red lentils since last week. We heard the trade offers for Nipper/Hallmark#1 – U$705-U$710/mt CFR Kolkata in containers with no buying interest.

In Pakistan, lack of trade demand for desi chickpeas & nipper/hallmark#1. We heard trade offers CHKM old crop at U$545/mt levels CFR Karachi & Also we heard Nipper/Hallamark#1 trade offers at U$710/mt CFR Karachi. Local domestic Karachi market price for CHKM at U$505/mt levels & CHK1 at U$525/mt levels; For Australian red lentils, we heard trade offers at 690/mt levels in bulk in vessel CFR Karachi.

In Nepal, no major movement in the market for desi chickpeas, Canola & Nipper/hallmark#1. Lack of demand at current values.

Export of lentils increased by 37% & India remains top destination followed by UAE, Egypt & Bangladesh in September as per ABS.

Exports of Desi Chickpeas fell by 19.5% & Pakistan remains major sales destination followed by UAE & Nepal in September as per ABS.

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venedorOctober 27, 2023Weekly Market Update

Grains, Pulses & Oilseeds Market Update (27/10/2023)

The global wheat crop estimates for 2023–24 was reduced by 2 MMT to 785 MMT as per International Grains Council (IGC) which is 18 MMT lower than crop produced in the previous season.

The global wheat market has been bearish over the last week because to Black Sea competition. Russia agreed to export 70 million tons of grains, legumes, and oilseeds to China over a 12-year period. SEA wheat buyers now looking for coverage for Jan 24 to Mar 24 period with price expectations on APW at below U$300/mt CFR major SEA ports in containers. With harvest currently ongoing we are observing limited high protein wheat with majority of crop expected to fall in ASW/APW category.

In desi chickpeas, harvest deliveries in full swing in QLD/NSW but we don’t see any firm demand at the moment for new crop of Australian desi chickpeas as we learned Pakistan already had sufficient stock as of now, Nepal & UAE not keen to buy at premium price. Bangladesh slowly covering container demand for Ramadan 2024 requirements, with ongoing shipments allowing pricing to hold up for now. Market indications are U$640 to 650/mt levels CFR Chittagong.

In China, market is sluggish at the moment for Australian sorghum & as we heard trade offers at U$360/mt levels in containers with limited interest from buyer. In Australian barley, we heard trade offers at around U$270’s levels with lack of bids from buyer as Russian barley has been traded U$238/mt levels in containers. Lastly, we are observing that no China trade demand for Australian Kaspa Peas at the moment.

In India, we are observing no major trade activities for Australian red lentils since last week due to ongoing festival season & also we learned that buyers are willing to wait to get prices to soften up. We heard trade offer for Nipper/Hallmark#1 at U$730/mt levels for Kolkata in containers.

In Pakistan, after emerging as top volume buyer for Australian CHKM, demand has slowed down due to sufficient stock availability. We heard trade offers for old crop CHKM at U$525-535/mt levels & local market prices for CHKM at U$500/mt levels.

In Nepal, no trade activities due to going on festival season. As we head trade offers for CHK1 at U$670/mt levels to Birgunj in containers & also heard the Ukraine rapeseed traded at U$535/mt levels in Nov/Dec shipment in containers

In Egypt, we are noticing consistent enquiries for Faba beans. We heard trade offers at CFR Damietta at U$440/mt. With Victoria harvest delayed, earlier shipment requirements are being filled from QLD/NSW.

AUD/USD in range of 0.63/0.64 which is assisting export business.

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venedorSeptember 22, 2023Weekly Market Update

Grains, Pulses & Oilseed Market Update (22/09/2023)

Global pulses snd remains tight with all eyes on India Rabi crop planting to determine price directions.

An El Nino event was declared by the Australian Bureau of Meteorology, a meteorological phenomenon that frequently results in hotter, drier conditions.

Upward swing in pricing across all soft commodities in Australia reflects drier conditions going into harvest with all buyers in cereals and pulses looking to get coverage on product.

Eastern states of NSW and Queensland have faced rapid drying of sub-soil moisture with onset of spring and no rains for the past 20 days and nothing in forecast for the next 2 weeks. Central Queensland harvest currently underway initial advisories showing lower yields across wheat and chickpeas due to lack of finishing rains – we hope to learn more as harvest progresses in the next 10 days. With the current dry conditions, we expect it to be similar with yields lower come harvest in SE Qld and NNSW. Space to watch.

Victoria and South Australia – currently crops are holding up, however with increased heat from this week, there is potential of yield losses.

In Barley, local market price is getting support from Chinese’s demand, lower production & weather conditions.

Export of feed barley declined by 27% & malting barley rise by 60%. Top volume buyers for feed barley are Thailand followed by Qatar & for malting barley are Mexico, Japan & Peru in July as per ABS.

Export of sorghum down by 26%; top importers are China & Japan in July as per ABS.

In China, minimal trade demand for KASPA PEAS against cheaper Russian yellow peas are traded at U$360 pmt levels in containers; For sorghum, as we heard demand at U$360 pmt levels.

In India, we are observing demand of Australia lentils is down after two weeks surge. We heard trade offers of Australian red lentils (Nipper/Hallmark#1) new crop23/24 at high U$780 pmt levels in containers.

In Pakistan, market of Australian CHKM is relatively low demand at the moment. We heard CHKM traded at U$560 pmt to CFR Karachi (Oct/Nov) in containers & as we are observing the local market price for CHKM at U$ 510-515 levels.

In Bangladesh, we are observing significant demand for new crop23/24 of desi chickpeas. We heard trade offers for CHK1 at U$670 pmt levels & Kyabara at U$720 pmt levels in containers.

Bangladesh is looking to get coverage for Ramadan 2024. Vessels not offered yet; however, traders are actively chasing chickpeas in Central Queensland where harvest has started with pricing upwards of A$900 pmt track. This is keeping any container business not worthwhile pursuing due to lack of destination buying demand at these levels currently.

Export of Canola up by 31%; top volume buyers are Japan, Pakistan, Belgium & Bangladesh in July as per ABS.

In Nepal, Australian canola 44% is struggling to find a place in market against cheaper Ukraine rapeseed. We heard trade offers for Australian canola seed at U$600 pmt levels in containers.

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venedorAugust 31, 2023Weekly Market Update

Grain, Pulses & Oilseed Market Update (31/08/2023)

Global wheat market remains unchanged over last week. Northern hemisphere harvest coming to a close and ample stock availability and shipment from CIS makes buyers comfortable on current supplies. Australian local wheat prices are bit higher than last week as outlook is getting drier. Grower’s bids are increasing gradually as result.

In SEA region, Australian wheat prices are still unable to find export parity against cheaper Black Sea & EU wheat. As we heard trade offers for Black Sea & EU wheat at around U$290 pmt levels for 11.5% SEA destinations whilst Australian wheat is north of U$300 pmt.

China purchased in 600,000 MT of Australian BARLEY since tariffs has been removed. There is a strong demand for BARLEY but due to high local rates containerized business is not workable at the moment. We heard trade offers at U$280 levels in containers.

In China, we are observing very limited trade demand for SORGHUM. We heard trade offers at
U$340 levels in container

In India, the current scenario as we’re observing that El-Nino factor (below average Aug monsoon rains) already created upswings in pricing of various Pulses, rice, sugar, Wheat & vegetables in the domestic market. Supply fears are creeping in as a result of lower-than-average monsoons going into Rabi crop planting starting next month.

In India, firm trade demand for Australian red lentils since last week. We heard Australian red lentils (Nipper/Hallmark#1) old crop 22/23 traded to CFR Kolkata at U$765 pmt levels & also Canadian Crimson new crop 23/24 traded at U$780 pmt levels to CFR Nhava Sheva in containers. Australian local prices for both old and new crop remain strongly bid in both Victoria and South Australia with some good selling interest from growers at these numbers. With Canadian crop numbers seemingly coming in lower, we could possibly see further pricing upside should crop planting on Tur and lentils falter as a result of lower-than-average monsoons and resultant lower planting soil moisture.

In Pakistan, we heard CHKM quoted/traded to CFR Karachi at U$550 -545 pmt levels in containers for Oct/Nov Shipment period & heard trade offer for Australian red lentils (Nipper/Hallmark#1) at U$750 pmt levels.

In Bangladesh, we are observing significant demand for desi chickpeas since last week, we heard trade offers for CHKM for old crop 22/23 at U$610 pmt levels.

In China, minimal trade demand for KASPA PEAS due to cheaper availability of Russian yellow peas at U$350 pmt levels in containers.

As per BOM Australia, El Niño Alert continues, with El Niño development likely during spring. Cropping areas across Australia increasingly loosing sub-soil moisture and most areas require between 15-25 mm of rain in the next 2 weeks to sustain currently anticipated production numbers. Harvest setting in early in Central Queensland where harvest should start in the next week; south Queensland should start harvesting early Oct. We are generally expecting this year to be an early harvest on account of warmer than usual climate in Aug.

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venedorAugust 24, 2023Weekly Market Update

Grains, Pulses & Oilseeds Market Update (24/08/2023)

Global wheat production for 23/24 remained unchanged at 784MMT, over a 19MMT drop compared to 22/23 production due to decreasing Russian production as per IGC.

In Australia, before the arrival of the new crop, growers are concentrating on selling their old crop and clearing up their warehouse stock. Local wheat market trade demand remains strong for SFW & H2. New crop wheat port pricing has seen a jump last 2 weeks of between A$10-A$20 pmt, however grower selling subdued due to limited rain and increasing concerns on crop yields as a result.

As per PIRSA, South Australian crop production is estimated for wheat 5.08Mt, barley 2.17Mt, & canola 472K. Overall grain production 23/24 crop projected 8.8 MT compared to last year 12.8MT. Growers in the state remain concerned about the forecasted rainfall for late winter and early spring.

In Australia, in local market the price of lentil old & new crop was significantly higher last week due to seemingly tight global snd due to dryness concerns in Canada and India, with destination interest now significant. Demand continues with old crop price up by A$70 pmt & new crop price up by A$80 pmt.

In India, there is significant demand for Australia’s red lentils, we heard new crop 23/24 trade offers for Nipper/Hallmark#1 at high U$755 pmt levels to CFR Kolkata (bulk in containers) for Oct/Nov shipments period & good number of enquiries from all the locations. As Indian market for lentil is up by U$80 pmt over past two weeks & as we heard old stocks are getting liquidated at U$720 pmt levels. Bangladesh demand is limited at this stage for red lentils although they will need to participate for Oct/Nov/Dec shipments when their available stocks start running low.

In Bangladesh, we are observing strong demand for Australian desi chickpeas, as we heard new crop 23/24 trade offers for CHK1 at U$545-550 pmt levels, however limited trades heard as not many traders willing to sell at these levels without selling support from origin. Local Australian markets have increased grower bids however with limited selling interest in both old and new crop. Desi chickpeas demand in Pakistan remains subdued, last trades heard CFR Karachi at U$535 pmt (bulk in containers).

In China, trade demand for sorghum & barley is still very slow at the moment. We heard trade offers for Barley U$ 280 pmt levels & Sorghum at U$340 pmt levels.

On crop progress in Australia – Queensland remains dry with no forecast rain for next week. Low soil moisture levels may now start to impact grain production. Early harvest expected this year with Central Queensland expected to start harvesting mid Sep onwards with South Queensland expected to commence harvesting mid- Oct onwards. Northern NSW remains dry with now concerns of low production on planted crops, South NSW looks in good shape with recent rains and growers have applied fertilizer to crops to boost yields. Victoria is another state where all crops are in good to excellent state with continuing in crop rainfall boosting crop prospects. South Australian crops have been holding up well with some concerns on recent frost damage. In WA, GIWA has expressed concerns on dryness now impacting crop yields to the tune of 1mmt.

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