Grain Report Monday- 4th 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.
Grain markets finished close to previous closes in light trade ahead of the US election.
Two key themes have emerged recently to keep markets in balance. Improving moisture conditions across the US and Sth America grain growing areas (southern Russia remains dry). And increased demand for US corn and soybeans.
Meanwhile veg oils have been given a shot in the arm by palm oil which is +32% in the past 6 week on supply issues and increased biofuel mandates across south-east Asia, other veg oils following to a lesser extent; soyoil +18%, rapeseed +13% and canola +12%.
Russian government involvement in wheat markets continues to cause confusion.
A few more details on the Algerian tender, which is now being reported at close to 600,000t at US$263/t C&F which is about the same price level as recent tenders.
The European Commission lowered its estimate of the wheat harvest in EU countries from 114.6mt to 112.6mt, which is 11% less than the 5yr average, corn was also lowered: from 60.1 to 58mt.
Canola & rapeseed futures were a little weaker.
Private forecasters in Canada are debating whether the crop is 17 or 18mt, below StatCan official estimates of 19mt, based on lower yield estimates by provincial governments. A wet spring and then a very hot summer made for a difficult growing season.
$A was up a bit to 66USc as Harris is now firming with betting agencies.
ASX down a bit to $329/t on Friday in light trade
BOM there is a low-pressure trough developing across north-west Australia that will bring some rain to the east coast. At this stage forecasts are changeable with most of the rain east of major cropping areas.
24/25 Best Bids 1/11
Wheat APW1 $374/t Kwinana (+1), $344/t Geelong (+1)
Feed barley $321/t Kwinana (+1), $315/t Geelong (n/c). Pt Adelaide $333/t (+5)
Canola non-GM $863t (+2) & GM $770/t (+12) Kwinana, non-GM $809/t (+10) & GM $753/t Geelong (+8)
Clear Grain Exchange (CGX) Open Market Call
Firm to slightly weaker
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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