Weekend rain helps seal a whopping grain yield

Weekend rain helps seal a whopping grain yield

Cropping
Heading in the right direction: Some farmers in the central west are on track for record yields.

Heading in the right direction: Some farmers in the central west are on track for record yields.

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New crop farmer selling spiked in the past week with the rain boosting production confidence.

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WEEKEND rain was the icing on the cake for many in NSW, locking in near record wheat, barley and canola yields across large swaths of the state.

Most of the state's cropping areas received a general 15 to 25 millimetres in recent days.

Falls were lighter in the north of the state around Narrabri and Moree which only received 5mm to 10mm, while parts of the Central West Slopes including Cowra, Grenfell and Young received less than 10mm.

It comes as a huge relief to the state's grain farmers, having battled through more than two years of drought as well as the financial and emotional burden it unleashed.

New crop farmer selling spiked in the past week with the rain boosting production confidence. A spike in prices helped.

All areas of the state are on track for above average to well above average yields.

Some farmers in the central west are on track for record yields with farmers reporting wheat yields of four to five tonnes a hectare.

The central west has been the state's purple patch throughout most of the season. Weekend rainfall totals of 20mm to 30mm will allow farmers to realise the full yield potential in what's been the ideal season.

Australian wheat prices rallied last week on the back of strengthening global markets and strong export demand.

ASX east coast wheat futures for a January delivery climbed $12/t for the week to $297/t on Monday. Prices tumbled on Tuesday after a 3.7 per cent decline in US futures markets.

Canola prices jumped above $600/t delivered port this week. Priced increased $15/t to $17/t on last week as global oilseed markets surged higher.

World oilseed markets have rallied 8pc to 10pc in the past four weeks, driven by China's strong demand for US soybeans.

China has been a relentless buyer of US soybeans in recent months with total purchases now reportedly upwards of 20 million tonnes for the 2020 season.

US wheat futures surged to six-month highs last week on strengthening Black Sea wheat values, supported by robust export demand.

Dry weather in the Black Sea region is also causing concerns over a timely planting of the 2021-22 winter crops.

The onset of drought has stalled new season winter wheat planting progress across much of Ukraine and southern Russia.

Most of the Black Sea winter wheat crops are typically planted in September and early October. Dry weather in Argentina was also viewed as supportive for global wheat prices.

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