WA Market Update – 21/06/2019

Moisture profiles have been bolstered over the past fortnight with good rains received last week. The promising forecast for the weekend ahead should see things improve further. This weekend’s front appears as though it may favour northern areas again so some south-eastern parts (Esperance region) may not receive as much. The good news is, the majority of cropping regions are expected to receive between 10 – 30mm and another top-up looks to be coming again in the middle of next week.

The recent rains ensured intended barley and wheat area has been planted across the state. However, it came too late for any more canola to go in, so it has left the trade trying to figure out how much canola was dropped off from the original plan. One thing we can be sure of, canola production will be lower than last year.

Bids remain strong despite the beginning of harvest in the US and the widespread rain we’ve received in the west. Early yields have been better than expected through Texas and Oklahoma and, despite the excessive rain, no sprouting damage has been reported so far. Wheat bids were a little inconsistent this week with spreads adjusting slightly as H2 came off and ASW improved. APW remains at $312/MT FIS in Kwinana. Barley was essentially unchanged, but canola was the best of the commodities, up $11/MT for the week at $603/MT FIS for CAN1 in Kwinana.