Report prepared 27 January 2023.
GrainCorp reported 4.9 million tonnes in grain receivals from NSW in its final harvest update, with some southern growers still making deliveries.
Barley prices firmed slightly with limited grower selling and higher quantities of lower grade barley. Malt barley is at $381/tonne, Melbourne.
Source: Grain Central
Patchy rain has boosted sorghum crops in northern NSW and Queensland, while the early Chinese New Year led to low demand from export buyers.
Source: Weekly Times
Despite lower cotton futures, some optimism returned with forecasts for higher economic growth in China and lower cotton production from Pakistan.
Local canola prices have followed international markets lower due to higher soybean production from Argentina. Grower sales have been slow.
The local chickpea market remains quiet with some demand from container packers. Nugget lentils have started the year lower, at $720/tonne, Melbourne.
US sugar futures rose slightly in a shortened week. Traders waited for news of the harvest in India and news on further sugar export quotas.
The EYCI traded sideways as yardings were lower in a short trading week. NSW saleyards helped to steady prices, with gains at Gunnedah and Carcoar.
Long term weather models forecast a return to neutral conditions through 2023. The BOM 3 month outlook points to average conditions for NSW.
Sheep and lamb markets continued a strong start to 2023, with trade lambs 3% higher. Yardings were down due to the Australia day public holiday.
The Eastern Market Indicator was marginally lower this week, though it was higher in US dollars. Chinese buyers were quiet due to the CNY holiday.
While the 30-day SOI is above La Niña thresholds, it has been moving back to neutral, as the rainfall outlook is for normal across most of the state.