Grain Report Friday - 14th April

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.

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Look Out,

• Gather Round, I have something important to say.

• Wheat got smacked last night. Corn and nearby beans off slightly.

• And all this happens at the same time Russia says they will not extend the grain corridor.

• However, the forecast is for Russia to export 46 million tonnes of wheat this marketing year, which ends 30th June 2023. So, the corridor itself doesn’t seem to be affecting commodity flow, it’s just Hokey Pokey is annoyed with the sanctions.

• The AUD is almost 1 cent firmer, which combined with a softer wheat market will see values soften today.

• China is buying lots of US corn and has just bought a record amount of beans for Jan – March 2023 period. They have also taken out the title of “Largest Wheat Importer” for the 22/23 marketing year, importing 12 million tonnes mainly from Australia and Canada. This is the highest wheat imports from China since the mid 90’s, or almost 30 years. They are also open to repairing the barley relationship with Australia, so I would say, nothing to see here; as a major fire ignites in a factory behind him.

• The Argie corn and bean crops are getting smaller, with the Rosario Grain Exchange calling the bean crop at 23 million tonnes, 4 below the USDA guess and corn at 32 million tonnes, which is 5 million under the USDA guess.

• But don’t worry, all is well, as Brazil’s bean crop is now 155 million tonnes, 1 million higher and corn remains unchanged at 125 million tonnes. However, there is still some concern about the yield of the late planted safrinha corn crop if it gets hit by cold weather in late May.

• Finally, that Indian crop might be shrinking a little, but again nothing to see here; as a building explodes behind him..

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