Grain Report Thursday - 11th May
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.
Look Out Non-Subscribers,
Markets repositioning for Friday’s World Ag Supply & Demand Guess.
The mood of the room is for a bearish report, with a big US corn crop and big wheat crop for 23/24.
Also, China, who went on a US Corn Boxing Day buying spree in March-April, has washed out a few of these contracts, saying they didn’t quite fit. This will impact US Corn Supply and Demand and ending stocks.
Adding to the bearish sentiment, the Turkish Defence Minister has said the Black Sea corridor will be extended for a further 2 months.
Finally, reports coming out of Russia, say they are opening a “land corridor” into China for Russian commodities. Is corridor the new word of the 2023’s? Personally, I prefer gendy nooch, cozzie livs and Karren which are better new phrases than “sea and land corridor”.
Anyhow, with all this bearish supply and demand news, and just like the Blues, the whole market seems to be going through a bit of a mid-season slump.
Now the Non-subscribers are in for a little bit of a treat today.
I am going to share a piece of my “Commodity Price Cake”, which is usually reserved only for subscribers; but because you all look hungry for information, I thought, hey, here you go, wrap your chops around this.
Sometimes I am just too soft.
My Recipe for the “Commodity Price Cake”.
Chop up some world Supply & Demand numbers.
Add a tablespoon of Black Sea tension and a dash of Aussie currency. Don’t add too much currency, or it will overpower the Supply and Demand numbers completely.
Mix together and season with a bit of shipping capacity, quality concerns and El Nino.
After mixing all these together, roll it in flour and bake in the oven for 2-3 months. If the temperature is too high and moisture is lacking, then the commodity price cake will start to rise.
Make sure not to leave it in the oven and overcook it though, as it can go hard, and you will have to throw it out and start again next April. Or you could chop it up and make a hay salad.
In November or December, take it out of the oven.
But be careful, because if the Commodity Price cake collapses once you take it out of the oven, you probably added too much supply and not enough demand and the Black Sea tension probably dissolved.
If this happens, don’t throw it out, but just give it away to your local charity food kitchens, or exporter, who will use it to serve poorer neighbouring markets.
If you want more of these great recipes, then just subscribe for $12 per month, and you will receive more great recipes such as Basis Bake, Wheat Protein Spreads and my personal favourite, Chinese Barley and Red Wine stir fry.
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