30/08/16

Wheat; Old crop wheat should be 100% sold as per our previous strategies. Hard wheat could
be the exception with East Coast markets showing strong +20 spreads on H2 from APW1. New
crop, we believe that growers should not be selling at these levels unless comfortable with
production. We believe noodle growers should grab opportunities that are presenting (+20
APW1). Strong yields expected in traditional noodle areas is likely to see an oversupply by the
time harvest has wrapped up. If not comfortable at current pricing, sell with exposure to
international futures (Grain95).
Barley; For most growers, we believe that new crop barley should not be sold at current levels.
If very confident on production (3.5t/ha+) and you require harvest cash-flow, consider some
sales now as farm gate margins still positive. Fix malt spreads as season looking to have
adequate malt supplies.
Canola; We believe that growers should be aggressive in forward sales of new crop GM and
Non-GM canola. Prices are still very strong and growers across the country will see the canola
as this years cash crop. Not enough buyer demand to fill supply if growers across the board are
aggressively selling canola leading into harvest. Basis very strong still. Worth being proactive
with strong yields across the board.