Grain Report Monday - 6th January
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.
Weak US weekly exports dragged global grain markets lower Friday night in light trade that amplified the magnitude of the downward move.
USDA had US weekly wheat exports at 140,600t vs estimates of 200,000-500,000t, corn at 777,000t vs estimates of 800,000-1,400,000t and soybeans at 484,700t vs expectations of 500,000-1,200,000t.
A stronger $US and a pick-up in US farmer selling in a vacuum of buying activity also contributed to the falls.
Markets should start returning to normality this week after two weeks of lower liquidity.
A hot, dry summer is beginning to cause damage to Argentina's 2024/25 soybean and corn crops where December rain has been around a third of normal. Good rain in November has provided a buffer for now but crops are starting to show signs of moisture stress.
Canola followed other grain markets lower.
Indonesia increased its biodiesel allocation by 20% but gave the industry till the end of January to implement the increased biodiesel blend to 40% from 35%. It also said it hopes to move to a 50% mix in 2025.
India, the world’s largest consumer of veg oil has shifted purchases from palm oil to soyoil which may see a realignment of veg oil values.
$A slightly higher at just over 62USc as spec traders turned attention to selling other currencies. $A outlook looks lower on commodity price weakness.
BOM has more rain for QLD sorghum belt with some rain pushing into NSW and down into VIC.
24/25 Best Bids 3/12
Wheat APW1 $376/t Kwinana (+5), $352/t Geelong (n/c).
Feed barley $328/t Kwinana (+2), $311/t Geelong (n/c).
Canola EU $860/t (+5) & non-EU $740/t (+10) Kwinana, EU $780/t (+11) & non-EU $675/t Geelong (+10).
Open Market Call
Bids will be lower today.
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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