ABARES raised its forecast for the NSW 2017-18 canola crop by 215,000 tonnes to 618,000t, while Victoria’s crop was raised by 90,000t to 750,000t.
Indonesia has now emerged as the world’s largest wheat importer, at 12.5 million tonnes, and takes over from Egypt.
Although it is mainly fund buying that has pushed the market higher, behind that is the expanding drought in the US.
If you are holding lower grades on farm, it would be worth setting a target price and if local values reach your target number, start executing some of these sales.
Recent sharp declines in chickpea prices has presented farmers with a dilemma for rotation crops for the 2018 season.
The grain market stalled last week when another round of weak US wheat export sales numbers were released.
None of the USDA reports were friendly for wheat, and the market reacted by falling sharply last week.