Grain Report Monday - 28th 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.
Global grain prices were weaker across the board on Friday except canola which posted a small gain in Canada.
Improving weather across the northern hemisphere was the key driver with rain in the forecast for eastern areas of the US Plains and the midwest, central Brazil and parts of southern Russia.
Wet weather has delayed planting in France. With only 21% of the crop in vs 50% at the same time last year.
Argentina expects to export 13.3mt of wheat this year, the second largest export program ever from a crop of 19.5mt which is higher than current USDA estimates of 11.5mt and 18mt.
The US Ag attaché in Australia has estimated our wheat crop at 28.5mt vs 32mt (USDA) and exports 20mt vs 25mt (USDA) and our barley crop at 11mt vs 12.2mt (USDA). These revisions are significant, and you can expect some price impact if they are accepted by the market as it would tighten the milling wheat balance sheet further. We think the number is about right.
Canola is being supported by strength across the oilseed complex, there are thoughts that StatCan have overstated Canadian production and Chinese buying.
$AUD down to 66.4USc under the same influences. You can expect the US election to be the dominant influence across equity, financial and commodity markets over the next couple of weeks or until whoever is going to be the next President becomes clear.
BOM forecasts rain, 15-50mm for the Downs and lower parts of CQ but heavier falls will be isolated and mainly to the east of cropping areas.
ASX wheat remains in the low $330’s/mt which is tracking wheat values in the Pt Kembla zone.
24/25 Best Bids 25/10
Wheat APW1 $372/mt Kwinana (n/c), $349/mt Geelong (n/c)
Feed barley $320/mt Kwinana (-1), $316/mt Geelong (+1).
Canola non-GM $855/mt (+5) & GM $768/mt (+18) Kwinana, non-GM $788/mt (+8) & GM $733/mt Geelong (+8)
Clear Grain Exchange (CGX) Open Market Call
Pressure on cereals, canola should be firm.
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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