Grain Report Monday - 7th 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.
Grains eased into the weekend on profit taking and a strengthening $US
Before that wheat had registered 3 &1/2-month highs on dryness concerns for winter wheat crops in Russia, Ukraine and US plains
French cash wheat prices registered 5-month highs before easing a little on the weekend
Last week the European Commission revised all its 2024 EU production estimates downwards:
Soft wheat output estimated at 114.6mt vs 116.1mt last month, and 9% down from last year
Corn production forecasted at 60mt vs 61mt last month, and 4% down from last year
Barley crop forecasted at 50.4mt vs 51.3mt last month, and 6% down compared to last year’s output
Rapeseed (Canola) crop assessed at 17.2mt vs 18mt last month, and 13% down from last year
Sunflower seed harvest forecasted at 9.5mt vs 9.9mt last month, and 3% down from last year
So the key theme of declining European production has now translated into rising prices. Remember the Aussie crop is expected to offset these losses. Waiting for demand to start to shift to the US and other suppliers to take prices to another level.
ASX wheat backed off Friday to $335.50/t from a week’s high of $342/t (highest since mid-July) in line with international trend.
$A back under 0.68US cents on a stronger $US
The BOM is forecasting 15-25mm for cropping areas of QLD and northern NSW over the next 8 days.
Clear Grain Exchange (CGX) Friday trades
Wheat 23/24 ASW9 Kwinana $355/t
CAG1 24/25 Canola Kwinana $720/t
Best bids
24/25 ASW9 Kwinana $342/t (+$2/t), APW1 $349/t Geelong
24/25 Feed Barley $316/t Kwinana, $311.50/t Geelong
24/25 CAN1 $781/t Kwinana, CAN EU $740/t Geelong
Clear Grain Exchange (CGX) Open Market Call
Steady to slightly weaker, southern port zones should be firm as basis improves as production potential declines across SA/western VIC
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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