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Pre-Harvest Program

Market Check’s innovative Pre-Harvest Program is an avenue for growers to execute part of the pre-harvest strategies we advocate and utilises put options to protect new crop prices without the risks associated with a forward sale (swaps or forward contracts). The Pre-Harvest Program is like an insurance policy against falling prices, growers pay a ‘premium’ (put options cost) to protect downside risk for new crop wheat and barley prices but also participate if the market rises with no ‘washout cost’ associated if the crop fails.

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And lastly, lets look at where it came from. WA market share fell, with SA/EC picking up the slack. Barley exports from here on in will be pretty scarce as stocks tighten + inverse to new crop pic.twitter.com/Oqifir2tu2

Yesterday from Market Check's Twitter via Twitter Web App

If we add June to the totals for the 20/21 ssn, you can see China is still our top buyer by a big margin. Fun fact: 20/21 is the 11th consecutive ssn where China's been our biggest home and only 3yrs out of 21yrs of data have they been bested on volume. Unlikely next yr though🙄 pic.twitter.com/auBWMEVfSF

Yesterday from Market Check's Twitter via Twitter Web App

Where did it go? Basically the stalwarts Japan took top spot, with the rising stars of Thailand coming in second and then Qatar/Vietnam before volumes drops off a cliff. Thailand has taken the same amount in 20/21 (Oct/June) than in the prev. 2 seasons combined 👊 pic.twitter.com/9eg900YYRF

Yesterday from Market Check's Twitter via Twitter Web App

Following on from our #ABS #wheat export update - lets look at #barley. June was an underwhelming month, with July stem looking similar (again no containers in July #). April vol left a high watermark, with the post-tariff/tighter stocks contributing to lower M-o-M exports #oatt pic.twitter.com/S3Id5x1Vl2

Yesterday from Market Check's Twitter via Twitter Web App

And last one - looking where the #wheat came from. Dominance of WA diminishing thru the ssn as their stocks run out, while East Coast increases. Expect this trend to continue, albeit on much smaller volumes. Keep in mind, in June EC did a bigger % of a big month overall. pic.twitter.com/DDIomvWmh1

Yesterday from Market Check's Twitter via Twitter Web App

"Put options have been an effective way of protecting prices whilst avoiding washout risks. This means we can actively manage a larger percent of our new crop production price risk further out using the Pre Harvest Program."

John Bennett, Farmer from Lawloit, VIC