Grain Report Monday - 18th 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.
Grains were stronger across the board Friday night, led higher by oilseeds as the market responded to China’s announcement that it would end export incentives on used cooking oil.
China’s exports of used cooking oil had been flooding the US market to scoop up Biden’s biofuel tax credits. These exports would be a key source of trade tensions between Trump and China. The removal of these incentives will shift demand to US soyoil.
Growing season conditions continue to improve across the US and South America, while there is rain in the forecast for Russia.
Falls in French wheat prices to 2 and 1/2 month lows seem to have done their job with rumours of fresh sales to Morocco. But by and large the global wheat marketplace remains competitive with concerns about tepid demand.
US grain exports moved back to more normal levels for corn and soybeans, while wheat export levels remain only routine.
No news yet on how the visit to China by Canada’s ag minister went. The trip has been kept very quiet. You would think our trade minister might pick up the phone and let them know we have canola available if we can sort the blackleg tolerances out.
$A edging lower to 64.5USc – the 3c slide in the past month has kept our wheat prices firm despite a 7.5% decline in CBOT.
BOM – storms brought rain to south-east QLD and north NSW last week, but the heaviest falls were east of cropping areas. The forecast has a similar looking system but up to 50mm for WA, at this stage storms will largely miss east coast cropping areas. Need to keep an eye on this as the forecasts have been quite changeable the past few days.
ASX wheat steady at $325/t.
The local market is subdued. A looming weather event might shake up some feed grain shorts in QLD, while the rain event in WA bears watching if it leads to some downgrading… but there’s a lot of if, buts and maybes there.
24/25 Best Bids 15/11
Wheat APW1 $375/t Kwinana (+7), $341/t Geelong (n/c).
Feed barley $326/t Kwinana (n/c), $310/t Geelong (n/c).
Canola EU $851/t (-1) & non-EU $740/t (-12) Kwinana, EU $803/t (-10) & non-EU $728/t Geelong (-17).
Open Market Call
Cereals firm, canola should recoup most of the losses from the past couple of days
For further market commentary please contact the CGX team on 1800 000 410
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