Frost has impacted on the yield potential of Australia’s 2017 chickpea crop, and on winter crops generally across much of eastern Australia.
Late winter rain boosted crop prospects for the fortunate few. Growers elsewhere put the tough winter behind them and pin their hopes on the chance of a successful summer crop season.
The US Pro Farmer crop tour last week reflects dryness affecting corn and soybean production estimates in survey states. Nonetheless the record corn crops in Brazil and Argentina are likely to see those exporters dominate export trade. US Gulf shipments of corn and beans will also struggle in the aftermath of hurricane Harvey
The wheat market has been stealing the limelight in recently with the Chicago Board of Trade (CBOT) futures pushing significantly higher through June and early July, only to retreat at the same dizzy pace ever since.
The USDA ran a bearish shiver through agricultural commodity markets late last week when it released the August World Agricultural Supply and Demand Estimates (WASDE).
Strength in the Australian dollar is reflecting a lack of confidence in the US dollar, and is making the price of our agricultural exports unattractive to export customers.
More than 94 percent of the world’s winter and spring crops are grown in the northern hemisphere and the crop is filling, finishing and harvested over this critical period. Sometimes these anomalies are kind, but this season, the weather gods are playing a very different tune.
A recent crop tour of Western Australia followed by a visit to southern NSW has emphasised the poor season being experienced by precipitation-dependent industries across the southern parts of Australia this winter.
Just back from the Global Pulse Conference in Vancouver, attended by more than 1100 participants from over 70 countries, Nidera’s Rob Brealey says demand for pulses is growing at an incredible pace, not just in traditional markets but throughout the Western world and deep into Asia as well.
Since the beginning of June, there has been a substantial rally in the US futures markets, much of it driven by fund short covering.