Grain Report Thursday - 08th December

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.

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• US wheat futures were up strongly last night. Corn dragged along and beans were up firm.

• Has the market realised wheat has been oversold? Or is it just a repositioning of the funds? Or are traders reducing their shorts (sold positions)?

• Japan is tendering for feed wheat.

• South Korea purchased Aussie feed wheat at ~USD $350 C&F (cost & freight). It depends on which port it goes to, but if we use Incheon, not far from Seoul, it works back to AUD $459 FIS (free in store) Kwinana and AUD $436 Track VIC/NSW.

• Last time I looked, the APW1 Track market in VIC was around $390, or $40+ under export parity for APW1. Maybe, we should grow more feed wheat than APW1.

• It's worse in WA, ASW1 is trading at $330 FIS, or $130 under this business.

• The last purchase made by South Korea was on the 11th of November and was at USD $354 C&F.

• This was equivalent to $469 FIS Kwinana and AUD $445 Track VIC/NSW.

• Wow, since the 11th November, we have dropped ~ AUD $10 in the world markets. I am glad this drop has been reflected in our local markets.

• Hang on, on the 11th of November, ASX was $478, which reflects our cash markets on the east coast.

• Today, ASX is $380, a drop of almost $100?

• So, South Korea paid USD $4 less for feed wheat this week than they did 1 month ago, and bids to Aussie growers for APW1 is down ~$50.

• What’s changed? Oh, harvest has started, that’s right. Roll me in flour and bake me in the oven.

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