Grain Report Monday - 03rd April
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!
Before we look at the markets, I would like to wish Mark Latham, Donald Trump, Meghan Markle and Prince Harry, Boris Johnson, and the Hokey Pokey all a very happy birthday for last Saturday. Did I miss anyone?
The USDA released their quarterly stocks reports for US stocks (on and off farms) as at the end of March 2023.
They also released their guestimate of how much winter wheat has been planted and how much spring wheat, corn and soybeans will be planted.
Soybeans: The report was bullish with tighter stocks and slighter lower intended acres to be planted.
Corn: The report was mixed, with stocks a bit tighter, but they forecast there will be wall to wall corn planted this year.
Wheat: The report was bearish, as US wheat stocks came in higher than expected and wheat plantings came in at the high end of expectations.
However, before we all do a Hanrahan, which is a bit like a Grand Prix Shooey, but without the Shoe, the Champagne and victory celebration, the market is keeping an eye on the spring wheat planting conditions in the northern plains and the pretty poor conditions for hard red winter wheat in the southern plains.
So, just like the Geelong Cats, and Brazil corn plantings, not all seasons start off perfectly. Hence the market will be watching corn planting for next 2 months.
Cuts in oil production by OPEC and non-OPEC countries of around 1.649 million barrels per day. This represents less ½ a percent of daily oil production.
I’ll just plug my car in, crank up the windmill, clean the solar panels and just sit back and sip my organic soy latte.
Talking about power and sparks, reports of the Australian and Chinese government officials planning to meet this week to discuss the barley Anti-dumping claim.
There doesn’t appear to be too much barley on the current stems, which is slightly concerning, but if both parties decide to shake hands with the 2 Wongs, Penny and her father, and the tariff is removed, this will be supportive to barley prices
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