Grain Report Friday - 24th 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!

• Markets dragged down last night by US corn forecasts for the 23/24 season.

• This corn crop hasn’t even been planted yet, but the forecast is for record yields and higher ending stocks.

• The US corn crop gets planted in May and harvested around the same time the Tigers win the flag.

• The USDA forecast farmers will plant 91 million acres of corn this year which is up 2.4 million acres from last year.

• They also forecast US corn ending stocks will increase from 32 million tonnes to 48 million tonnes an increase of 16 million tonnes.

• US wheat acres are forecast to increase almost 4 million acres to a 7 year high at 49.5 million acres.

• US Wheat stocks for this crop that gets planted around the same time Alligator Blood wins the Melbourne cup, is forecasted to also increase 1 million tonnes.

• Their price forecast is for corn to be down 16.4% in 23/24, to $5.60 per bushel (USD $220 per tonne) and wheat prices to fall 5.6% to $8.50 per bushel (USD $312 per tonne).

• They also advised the Powerball numbers next week will be 7, 12, 19, 8, 35, 29, 20 and the Powerball is 8.

• Today marks the one-year anniversary when Hokey Pokey invaded Ukraine.

• Chicago wheat was 876 cents / per bushel (USD $321 per tonne) and ASX Wheat was $369 per tonne.

• Within one-month ASX wheat was up to $400 and Chicago up $11.00 per bushel, or an increase of USD $80 per tonne.

• World FOB (Free on Board) price went from USD $350 per tonne WA to USD $400 per tonne FOB WA.

• It's quite amazing 12 months later, our markets are lower than pre invasion levels.

• Who knows what will happen over the next 12 months, apart from the USDA chief economists and the Reserve Bank Governor General.

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