Grain Report Thursday - 06th April
Our goal is to help growers and their agents determine the selling price for their grain by providing relevant price discovery each day. Check out the moves in overnight international markets and yesterday's actual traded prices across Australia. There's also market commentary giving context and comparisons to prices of international physical markets. If you need to change your offer price, simply edit it before market open.
What price do you want for your grain?
Look Out!
Markets all in the red again last night.
Would be good if Penny Wong and her father could pull a rabbit out of their hats this weekend.
The US Hard Red Winter wheat conditions were rated the lowest initial rating since 1989.
The Northern regions of the US are still covered in heavy snow, impacting their spring planting program.
Also, since the start of this year, Canada is experiencing its second worst drought in 45 years; put that in your pipe and smoke it.
The Brazilian corn crop appears to have gotten out of jail and some gurus now forecast it to be closer to 130 million tonnes versus the USDA at 125 million tonnes. A big early call, as the late planting of the Safrinha (2nd corn crop) was late which means its yield can be impacted by colder weather at the end of its season (not the start). It’s a bit like writing the Tigers off in March, way too early as we peak in August – September. However, it's ok to right off the Cats as they are too old and slow.
The gurus are also calling the Brazilian soybean crop closer to 158 million tonnes, versus the USDA at 155 million tonnes.
The Argie government increased its “soy dollar” program with an exchange rate of 300 pesos to the USD. Their previous “soy dollar” program was 230 pesos to the USD. The higher exchange rate is to encourage grower selling and increase soybean, meal and oil exports. Governments like exports.
The MATIF canola market fell EU $25 per tonne last night, which is AUD $40 per tonne.
Australian canola FOB (Free on Board) price is quoted at USD $630 or AUD $900 FIS (Free in Store) WA and AUD $880 Track East Coast.
That’s a bit of a gap between East Coast Track bids at $680-$690 and $690 FIS WA; did someone say KFC?
With the soybean crop getting bigger in Brazil and a bit of government assistance in Argentina the oilseed markets might have a slightly bearish tone.
With a little softening on the wheat markets, the Egyptians have announced a wheat tender for today.
Have a safe, enjoyable and happy Easter and watch out for rabbits on the roads.
Most importantly we're always here to help!
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