Excellent rains were received over the Queensland cropping belt and parts of NSW over the past fortnight, with up to 45mm in some areas, giving crops a good drink and will help keep them going for another 4-6 weeks.
Yet again west of the Newell highway in the large cropping area around Walgett to Coonamble and down into the Central West of NSW is still dry and crops are patchy.
There are pockets that had 10 to 15mm in the last fortnight but it is still a long way to go until harvest in November-December.
The rain over southern Queensland and in the Northern border areas over the weekend has grower’s upbeat about the summer crop planting prospects.
Dry land cotton will again secure plenty of acres and the estimated area in southern Queensland is currently at 41,000ha.
Cotton prices for 2012 are currently at $485 per/bale and it is looming to be another big year for cotton growers.
Cotton production for 2010/2011 in Australia was 4.2 million bales with 2011/2012 estimated production to increase by 14pc to 4.8 million bales.
The new crop cottonseed market is not really trading yet but indications would be around $260 delivered downs.
Sorghum should put in a fair fight for acres with Brisbane port prices currently at $244/mt.
Growers were active forward sellers of new crop sorghum last week with 40,000 to 50,000 tonnes sold in the $250 range.
Markets have quietened off this week on the back of the rain, with consumers happy to sit for a while and watch the 10-day forecast. Feed wheat delivered downs has traded at $255 this week for September delivery, a Liverpool plains indication would be $232, and Goulbourn Valley at $220 for September.
Poorer quality feed wheat and barley has been in demand in Central and Northern NSW with consumers chasing a bargain before new crop harvest starts in late October. Growers are active sellers in Vic to clear their storage before the new crop arrives. Crops are looking good with yields expected to be above average but potentially lower protein.
- Prices quoted in this column are of an indicative nature only to illustrate trends and do not represent a definitive buy or sell price at a given point in time. For specific prices for your region contact the author at firstname.lastname@example.org or (07) 4659 0755 or twitter @lukergtgrain
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