International

Palm oil futures closed at a record high as persisting worries about weaker production in second-biggest grower Malaysia offset poor exports from the nation. Futures for March delivery in Kuala Lumpur finished 1.3 per cent stronger at 5188 ringgit per tonne after climbing for a fourth week on Friday. The tropical oil has gained more than 10pc since January 1 after jumping more than 30pc last year

Sources report India is likely to earmark nearly $19 billion in its federal budget to compensate fertiliser companies for selling their products to farmers at lower-than-market prices, according to people with knowledge of the matter.

Algeria’s state grains agency is seeking 50,000t of feed barley for shipment in the second half of February and first half of March.

Russian wheat shipments for the 2021-22 season amounted to 22.7 million tonnes as of January  13, down 18pc from a year earlier, the Federal Center of Quality and Safety Assurance for Grain and Grain Products said on its website, citing inspections before exports

Australia

Local markets were largely unchanged as we kicked off the week, and liquidity was also on the quiet side.

APW1 wheat values in Western Australia have held at around A$365 free in store, while Victorian APW1 values are at $360-$365/t track.

Barley continues to hold around $300-$310/t delivered Geelong and Melbourne, and canola continues to lag at the moment because of lacklustre bidding for now.

With the wet weather through the north and the sorghum crop staggered across the region, the rain that comes and goes should not have a huge impact on quality, although we may see it cause some delays for January programs which we have seen trading at a premium

Rain has pushed across southern and central New South Wales this morning, causing further delays for the last 5pc of southern NSW growers still getting on paddocks to finish harvest. Western Victoria growers will be coming to the tail end of their harvest program by the end of the week, weather permitting.