Grain Report Monday- 16th October
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.
Look Out!
Chicago wheat was up on Friday night whilst Kansas wheat, corn and beans were all softer.
Matif and Winnipeg Canola were both up strongly as crude oil futures firmed on the back of uncertainty in the Middle East region.
China bought a bit more US Soft Red wheat. As mentioned last week, US SRW is cheap at USD $252 FOB (Free on board) ex US Gulf.
Freight from the US Gulf to China is around USD $55 per tonne, so it would land around just over USD $300 C&F (Cost and freight).
On a parity basis, this would work back to USD $282 FOB West Coast or AUD $415 FIS (Free in site) WA for ASW wheat.
Working it back to the East Coast, it converts to USD $277 FOB or AUD $388 Track for ASW.
Hence it made the ASX Jan 24 wheat sell off a bit stupid last week when it hit AUD $390, or a whopping AUD $2 premium to the Chinese business at parity.
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