Grain Report Monday - 23rd December
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.
No change to fundamentals or themes.
Strong competition in wheat tenders continues to make wheat a buyer’s market for now. Black Sea is still offering.
Solid export demand for corn is maintaining price levels and keeping US corn stocks moving in the right direction. At the current wheat/corn spread, US wheat will be finding its way into feed rations.
Oilseeds rallied but remain under pressure from the looming record crop in South America.
Canadian canola has bounced the last few nights, but European rapeseed followed most veg oils down. Canadian futures rallied after the spread to European values became too large, supported by some buying interest and slow grower selling at lower levels.
Russia confirmed its export wheat quota would be trimmed by two-thirds to ensure adequate domestic supplies. Already it has exported 29mt with projections that annual exports would reach 43.5mt (vs 55.5mt last year). At some stage reduced Russian wheat export volumes will change global wheat market dynamics.
Algeria has issued a tender to purchase wheat for delivery Feb-Mar.
Tunisia bought 100,000t of soft wheat and 100,000t of durum. The soft wheat appears to have been done at US$10/t above its end of July tender (this is in-line with movements in European futures) with a Bulgarian trading house, one of the successful bidders.
$A same at 62.5USc
BOM no rain of note in forecasts.
ASX lower at $319/t.
Very quiet in domestic grain markets. Most end users have their positions sorted for Jan/Feb and by looks of port markets, most exporters have bought enough grain to execute nearby shipments.
24/25 Best Bids 20/12
Wheat APW1 $381/t Kwinana (-3), $352/t Geelong (-2).
Feed barley $325/t Kwinana (-1), $313/t Geelong (n/c).
Canola EU $855/t (+5) & non-EU $720/t (+10) Kwinana, EU $760/t (-5) & non-EU $655/t Geelong (n/c).
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Flat.
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
If you have any queries, we're always here to help!
Please give us a call or email if you have any questions.
Call 1800 000 410 or Email support@cgx.com.au
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