Grain Report Friday - 1st 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.
Grains were mixed, with wheat a little weaker on rain forecast for the US wheat growing areas. Brazil forecast is wetter but southern Russia a little drier.
US wheat exports were at the lower end of forecasts at 411,000t for the week.
Algeria purchased 480,000t of wheat, most likely from Black Sea suppliers. While details are scant the tender could provide a clearer view as to how the Russia minimum wheat price scheme will operate.
US soybean and corn exports were at the middle of the range of trade estimates confirming strong interest in US supplies. It’s likely China was the biggest customer.
Canadian canola futures rebounded strongly on tightness in vegetable oils, including smaller rapeseed crops in Russia and Ukraine. Recent price volatility relates to rumours China will begin implementing retaliatory tariffs on Canadian canola next week. Our local trade was more active on canola yesterday on ideas that a vessel has been sold and booked to Europe.
$A 65.7USc trading as low as 65.4USc trading US election result speculation.
ASX traded $334/t up $4/t
Hot weather will see a big week of harvest - wrapping up in CQ and progressing rapidly in sth QLD, NSW & WA. Growers are reluctant sellers of lower grade wheats and are concentrating on selling chickpeas, canola and H2. Around 2/3rd’s of QLD/nth NSW harvest has been H2. Trucking space is tight, and growers are delivering lower wheat grades to local depots rather than selling into delivered markets. As a result the odd consumer short is popping up. Early harvest reports have better than expected yields for parts of northern Vic and southern NSW.
24/25 Best Bids 31/10
Wheat APW1 $373/t Kwinana (+1), $343/t Geelong (n/c)
Canola non-GM $861/t (+10) & GM $758/t (+8) Kwinana, non-GM $799/t (+4) & GM $745/t Geelong (+2)
Clear Grain Exchange (CGX) Open Market Call
Canola market is likely to be hot today, up another $10/t.
For further market commentary please contact the CGX team on 1800 000 410
CGX now own and operate the igrain market for grain stored on-farm
If you have any queries, we're always here to help!
Please give us a call or email if you have any questions.
Call 1800 000 410 or Email support@cgx.com.au
Comments