The following graph shows the movement in ICE November 2018 Canola Futures and the domestic canola price delivered Port Kembla.
Canola prices fell away sharply at the end of the 2017 harvest with little recovery since. However, both the futures and domestic prices have increased by approximately $20/tonne since January.
At present the ICE November Futures price is A$535/tonne equivalent and the domestic price is $526/tonne delivered port. The basis is negative A$9/tonne equivalent which is approximately $32/tonne behind the basis at the same time last year.
The domestic canola price at present is a Decile 5 price, calculated on prices from 2009 to date. This compares to a Decile 4 price at the same time last year.
A PKE price of $526/tonne represents $488/tonne local depot with freight to port of $38/tonne. This should be above the average budgeted Break Even Price for clients.