Pulses surge as Muslim world prepares for Ramadan
While some direct port deliveries offer cereal growers some premium prices, it’s the chickpea market that has taken off this week.
CEREAL grain markets are steady this week, but there is some activity in the pulse markets.
US wheat prices strengthened over concern that the hard red winter crops may experience some lethal periods of cold, but sufficient snow cover was thought to offset the threat.
After a period of insatiable demand from China, US corn prices have eased $5 a tonne.
Corn buyers are quiet due to the Chinese New Year celebrations.
Exporters are competing for grain to meet their frantic shipping programs, with the leading bidders changing according to their respective buying appetites.
However, there are substantial tonnages of grain in warehouse and on farm.
Growers have not been in a rush to sell grain as they have ample cash-flow from commodities already sold.
Some marketers doubt buyers can keep pace with the volume of grain that is expected to hit the market in the next two to three months.
Export-destined barley prices in Victorian and NSW port zones have slipped $3 a tonne, but remain unchanged in South Australian port zones.
BAR1 grade barley is bid $249 a tonne for direct delivery to Geelong port and is trading through brokers at $254 early this week.
Wheat for both export and domestic buyers in Melbourne is $3 to $4 a tonne higher with brokers quoting Australian Standard White at $308 delivered Melbourne, while exporters are bidding ASW at $303 for direct delivery to Geelong.
Desi chickpea prices have risen $105 a tonne in the past five weeks and are quoted at $650 delivered to container packers in Melbourne.
Exporter bids in the larger volume market of Queensland’s Darling Downs are also up $35 a tonne this week to $645 delivered to local packers.
According to exporters, the key destination for desi chickpeas this season is Bangladesh, where merchants are preparing stocks for Ramadan.
This period of fasting starts on April 12.
Large stocks of pulses are consumed when the fasting period concludes one month later.
As stocks within Bangladesh remain unclear, there has been a rush on buying to accumulate, process and ship chickpeas in time for the Eid al-Fitr festivals.
The key market for the larger kabuli chickpeas is Pakistan.
Small kabuli chickpeas, measuring 6mm to 8mm, have increased $50 a tonne in the past five weeks and are quoted at $645 a tonne delivered to Melbourne packers.
MORE
RECORD AUSTRALIAN EAST COAST WINTER CROP PRODUCTION FORECAST
Global uncertainty lifts wheat price
A difficult season in the northern hemisphere has Aussie growers eyeing the wheat market in hopes of higher prices for 2025. See the latest prices.
How grain and oilseed prices are shaping up
Grain prices have remained steady this week with a slight uptick for lentils and lupins. See how grain and oilseed prices are performing.