Grain Report Friday - 10th November
What price do you want for your grain?
Overnight moves in international markets and yesterday's actual traded prices across Australia are below to help you determine your price. If you need to change your offer price, simply edit it before market open.
Look Out!
Like the West Coast Eagles, last night’s USDA World Ag Supply and Demand guess was disappointing.
They did the right things with regards to adjusting wheat production in Argie, dropping it 1.5 million to 15 million tonnes. Still higher than others forecast, but remember the Yanks are conservative.
They left the Aussie wheat crop at 24.5 million.
They also dropped the Indian wheat crop by 3 million to 110.55 million tonnes and knocked 1 million off Kazakhstan’s crop.
So, they knocked 5.5 million tonnes off world wheat production, which would have been bullish and not great for inflation.
Then for the first time in 2000 years, they adjusted their Rusky wheat crop forecast, upping it 5 million tonnes to 90 million tonnes to balance things out.
The world wheat balance sheet was pretty much unchanged with world stocks excluding China at 124.77 million tonnes and stocks held by the major exports, at 51.53 million tonne, which is 8 million tonnes less than last year.
But the report was all about US corn, and the Yankie government upped their own crop production by 4.3 million tonnes to a record 387 million tonnes.
That’s good for inflation with cheaper popcorn at the movies and lower ethanol prices. Food and Oil (supply chain) are important when it comes to inflation.
But did they address the world elephant in the room, Brazil corn production? Of course not.
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