Grain Report Friday - 17th February

Our goal is to help growers and their agents determine the selling price for their grain by providing relevant price discovery each day. Check out the moves in overnight international markets and yesterday's actual traded prices across Australia. There's also market commentary giving context and comparisons to prices of international physical markets. If you need to change your offer price, simply edit it before market open.

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Look Out!

• Chicago wheat down, Kansas wheat up.

• Corn and beans basically unchanged in the nearby months.

• ASX March wheat contract off $3 and new crop Jan 24 ASX wheat contract off $7.

• Yawn, boring.

• I was banging on about Get-It-India and how they have gone the early crow about a record wheat crop.

• Well yesterday, they had some record temperatures in some regions, over 40 degrees and the weekend forecast is also for record breaking temperatures.

• Temperatures over 40 degrees are unusual in February for Get-It- India.

• India already has high domestic wheat prices due to tighter stocks.

• Things are also getting worse in Argentina, and now early frosts are forecast to impact on their already struggling bean and corn crops.

• The International Grains Council (IGC) released their monthly crop guesses yesterday, reducing the world corn crop by 8 million tonnes, but left ending stocks at the same level.

• As corn stocks tighten, wheat gets fed to animals, so the usage does drop. However, extra wheat demand driven by the animal feed market pushes wheat prices up.

• A bit of concern in Black Sea and whether Russia will extend the grain export corridor. If Putin does a hokey pokey on this deal, prices will explode.

• Western Australia has exported almost 2 million tonnes of canola in the first 5 months of the 22/23 marketing year (Oct 22 – Sept 23).

• Australia has exported a total of 3 million tonnes, which is 25% up on last year.

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