NSW | SA | VIC | WA
Wednesday, 2 April 2014: Grain prices dip on northern rainVICTORIAN grain prices dipped last week following widespread, soaking rain across some of the driest areas of northern NSW and southern Queensland.Buyers have lowered their buying for grain across eastern Australia following last week's rains, which delivered a general 100 to 150 millimetres across these northern cropping areas. The rain has breathed some life back into the 2014 winter cropping prospects in the northern areas, which had been looking bleak with the drought conditions. It's still too early to plant winter crops in southern Queensland and northern NSW, but the rain will boost soil moisture levels as growers wait for the frost risk to diminish before progressing. About 35-75mm of rain fell across central NSW extending down into the Riverina. This will be sufficient to kick start canola through these areas following earlier good rain in the past eight weeks.Rainfall totals petered out towards the Victorian border. Storms across the Northern Mallee delivered up to 25mm in parts, but most growers' received less than 15mm. The rainfall progressively got lighter as it moved south. The Southern Mallee and Wimmera only saw 5-10mm for the week.Farmers are keen to see some good rain in April to commence canola planting. March saw some patchy rain across Victoria's cropping areas, but without providing a conclusive season break. Last week the Bureau of Meteorology said it was now likely that an El Nio would develop in the coming months as tropical Pacific Ocean temperatures continue to rise. The warming ocean temperatures also corresponded with a recent sharp fall in the Southern Oscillation Index, which is which is seen as a confirmation of an approaching El Nio.Despite the increasing likelihood of an El Nio, the April to June seasonal rainfall outlook for Victoria is viewed as normal, according to the Bureau, although temperatures are expected to be warmer than normal.The Bureau's seasonal outlook forecast that southern Queensland and northern NSW would continue to experience a drier than normal season from April to June.Local wheat prices slipped on last week's rain through eastern Australia. Stockfeed wheat fell by $5 to $298 a tonne delivered Melbourne and H2 milling wheat fell by $2 to $333/t delivered.Feed barley fell by $3 to $267/t delivered Melbourne, but canola bounced by $9 to $583/t delivered.New crop wheat prices were also well down on last week's highs after traders cooled their ideas. January delivery ASX NSW wheat futures traded as high as $328/t last week, but have since fallen to $315/t.International grain values were choppy last week ahead of some important reports to be released this week. Dry weather across the US Southern Plains provided support for international wheat prices early last week, but prices fell late in the week following better than expected rain. With the exception of the US HRW area, northern hemisphere winter wheat conditions in Europe, the Black Sea and the US SRW are viewed as favourable. The USDA will release its March 1 stocks report this week, which will allow traders to assess just how tight the old crop US corn and soybean supplies are following a couple of months of solid demand. Also to be released this week will be the results of the farmer planting intentions survey, which will give traders the first look at how much corn and soybeans US farmers intend to plant in 2014. Traders are expecting that US farmers will pare back corn plantings while still seeding a historically large area. High oilseed prices are expected to see US farmers plant a record soybean area.

AWB - Hard 11#5% ESR AWB - APW 10% ESR AWB AGP1 10% ESR AWB - MW Hard 12% ESR AWB - Stockfeed ESR GRAINCORP - APW1 ESR ABB - APW1


ABB - Malt1 ESR ABB - Feed1 ESR GRAINCORP - Malt1 ESR GRAINCORP - Feed1 ESR Stockfeed


Oats Milling Oats Feed Field Peas Chickpeas Lupins Triticale Nugget Lentils Canola Cash Canola Pool Faba Beans



All prices $/tonne (GST-exclusive)


Source: Rural Press Limited
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