Grain Report Monday - 11th November
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.
Wheat values are as flat as a room full of Kamala supporters with nothing doing. USDA adjusted production estimates and stocks marginally in its latest S&D report Friday night. The thing that will get this market moving again is a lift in US export demand which will signal that Europe is out of milling wheat.
Across in corn and soybeans the situation is different. Despite improved growing conditions across Sth America, a lift in Chinese buying of US corn and beans ahead of a possible trade war has supported these markets. USDA made modest cuts to production and lifted usage to drag stocks down a bit. But corn and bean stocks are large, and demand will need to remain upbeat to hold values at current levels. Sth American and European exports have been well down on last year which is helping.
Similar influences are driving canola values with early season Canadian canola exports double last year as China buys up ahead of possible import restrictions. Aiding values across the oil complex are Malaysian palm values which remain at contract highs on lower production and increased demand from the lift in the Indonesian bio-fuel mandate from 25% to 30% and as India buys to replenish supplies.
Locally, cereals remain flat except for some domestic shorts in the north (due mainly to the focus on chickpea movements) and a reduction in the drought premium on barley across southern ports as the trade becomes more relaxed about supply.
ASX traded $330/t wheat and $278/t barley on Friday.
BOM suggesting significant rainfall for most of north-west WA, NT and NSW/QLD with up to 100mm for parts of Sth QLD and nth NSW. This has the potential to cause harvest disruptions and quality issues for crops remaining to be harvested. A pocket east of Miles, QLD got 60mm in storms on Saturday.
24/25 Best Bids 8/11
Wheat APW1 $372/t Kwinana (-3), $340/t Geelong (n/c).
Feed barley $321/t Kwinana (-1), $310/t Geelong (+3).
Canola EU $875/t (+9) & non-EU $770/t (+5) Kwinana, EU $807/t (+6) & non-EU $750/t Geelong (+4).
Clear Grain Exchange (CGX) Open Market Call
Cereals flat, canola up again
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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Call 1800 000 410 or Email support@cgx.com.au
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