Grain Report Friday - 24th January
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.
Corn and beans were higher on worries about South American crop prospects and on news that China has halted bean shipments from some Brazilian traders.
Wheat drifted lower as weak demand outweighed concerns over potential freeze damage on US crops.
Buenos Aires Grains Exchange cut estimated yields for Argentina's soybean and corn crops by 1mt each citing hot weather and insufficient rainfall. However, crop losses in Argentina may be more than offset by production in Brazil where it hasn’t stopped raining.
Argentina will temporarily lower taxes on grain exports to help farmers manage drought and low prices.
European wheat futures are being supported by higher corn values and a pickup in demand for wheat for feeding from within the EU where internal prices are better than port or export values.
Rollins, Trump’s nominee to lead the USDA said she would consider direct payments to farmers to offset losses from proposed tariffs as per in Trump’s first term.
Canola gained some strength from the news that China has stopped some bean shipments from Brazil in the hope it may reignite some Chinese interest in Canadian canola.
$A in limbo at 62.9USc waiting for more clarity on US tariffs.
BOM very hot weather for next week out west.
Feed barley values ticked $6/t higher across southern ports, following the recent lift in WA prices. In the south, barley might be the next cab off the rank in terms of export…it’s looking cheap vs WA barley and cereal feed grains are starting to work into Asian feed rations. Ukraine feed barley is finished which leaves a bit of EU, Argentine and Australian barley.
Fiesta faba beans traded to $660/t Pt Adelaide with other pulses now thinly quoted at other ports with main avenue now upcountry packers with delivered Rupanyup – JUMT1 lentils $915/t, others (NIP/HAL/NUG) $865/t, Field peas $555/t, Faba $600/t.
In the north, sorghum harvest is off to a strong start and growers are starting to extend sales. At current pricing sorghum looks destined for China. Growers are happy to sit on wheat and barley and the end user appears covered until the end of March with the odd market short appearing lifting prices by $5/t but then falling back after being easily covered.
24/25 Best Bids 23/1
Wheat APW1 $372/t Kwinana (-5), $345/t Geelong (n/c).
Feed barley $340/t Kwinana (-2), $323/t Geelong (+6).
Canola non-GM $845/t (n/c) & GM $705/t (n/c) Kwinana, non-GM $802/t (+2) & GM $663/t Geelong (-2).
Open Market Call
Flat.
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