Grain Report Friday - 3rd 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.
US grain prices were mixed but prices were stronger across Europe supported by a weak Euro.
French wheat futures hit a 6-month high at A$398/t on short covering. Fundamentals remain unchanged with concerns about Russian crops and slowing Russian exports offset by competitive offers from other suppliers.
Egypt’s state grain buyer, Mostakbal Misr for Sustainable Development has begun receiving its first shipments under a deal with Russia. Specifics about the deal remain sketchy but talk is it was for around 1.3mt sourced mainly from Russian suppliers.
Wheat prices remain steady in Ukraine despite significant recent sales activity to Algeria and Egypt which could see some demand flow to Ukraine suppliers.
Eyes will turn to US exports tonight to see if there is any sales momentum. A stronger $US is not helping US exporters. Bitterly cold weather in US northern plains provided some support for US wheat values.
Soybeans and corn received support from limited rain and building heat forecast for southern Brazil and Argentina over the next few weeks.
StoneX has raised its estimate of the Brazilian soybean crop from 166mt to 171mt.
Indonesia has delayed the B40 biodiesel mandate which has created uncertainty in the palm oil market.
$A 61.97USc slightly higher but no real change to fundamentals.
BOM some rain for eastern half of NSW but otherwise clear. QLD sorghum belt has received 25-100mm of rain the past week with most centred around CQ.
24/25 Best Bids 2/12
Wheat APW1 $371/t Kwinana (+1), $352/t Geelong (+1).
Feed barley $326/t Kwinana (+1), $311/t Geelong (n/c).
Canola EU $855/t (n/c) & non-EU $730/t (n/c) Kwinana, EU $769/t (-5) & non-EU $664/t Geelong (-4).
Open Market Call
Firm. Our wheat is starting to look cheap vs French wheat futures.
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
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