Dire in WA atm. Canola dieing on a false break mostly in heavy country. Next chance is the end of next week. Going to be pretty ugly by then even on the good loams and gravels. Days are sunny and mid 20s. Resowing is going to be a very awkward decision as we really are out of the canola window in the central and northern zones. Even then you probably would resow unless you know it has actually germinated and died which means waiting 4-5 days after the next decent rain.
Early hedgers have been unwinding canola SWAPS positions (YC included). WA basis should strengthen big time on all grains.
Sheep prices have tanked but growers this time around are electing to keep stock and simply feed them, and carry well into the break. Trouble is for prime lamb lads teeth will be cut in 2-3 weeks.
