Grain Report Friday - 30th December

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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• Wishing everyone a safe, happy, healthy and prosperous 2023.

• Wheat and corn markets off last night and soybeans up slightly.

• Not much activity in the world markets as traders and buyers pack up for the New year.

• At the start of December, the ASX Jan wheat contract was trading at AUD $402 and Chicago wheat futures were AUD $418 per tonne.

• 30 days later and the ASX Jan wheat contract is AUD $400 and Chicago wheat futures are AUD $419 per tonne.

• What a boring month. The world seems to be comfortable with wheat supply and stocks held by the major exporters.

• However, not all is perfect in the world, and we should see some volatility in February as the snow melts in the Northern Hemisphere and crops come out of dormancy.

• That US crop didn’t get planted in the best conditions and the recent cold snap may have also caused some winter kill.

• The only other crops we are watching with interest are the corn and bean crops in Argentina. Their wheat crop is already buggered, so those numbers are written into the world balance sheet.

• But the drought in Argentina is also reducing their soybean crop and is adding some support to the oilseed complex.

• Winnipeg (Canada) canola futures were up AUD $15 per tonne and Matif (Europe) Canola futures were also up AUD $5 per tonne last night.

• Interesting to see one parcel of Canola seed trade at AUD $740 FIS Kwinana and another parcel trade at AUD $770 FIS Kwinana.

• Also, Esperance canola traded at AUD $815 FIS.

• Why is there such a large premium between these ports when it's going in boats to export markets?

• Canola on the East Coast is trading around AUD $760 track Port Kembla and Victoria.

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