Grain Report Thursday - 16th 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.
Wheat lost some ground as competitive export offers continue to meet subdued demand.
Ukrainian prices were a little firmer as traders returned from holidays and started to cover export commitments on a 630,000t sale of wheat to Algeria concluded in Nov for Feb/Mar delivery.
The US wheat crop has adequate snow cover to protect it from winterkill as temperatures plummet across parts of the northern Plains.
Corn and soybean gains were trimmed by a step-up in farmer selling and rain forecast in Argentina.
Rain of 25-100mm is forecast for Argentina on Friday to snap a spell of hot weather and rescue crop yields.
US soybean crush rose to record levels as new crushing plants come online.
Canadian canola prices have backed off despite tight stocks as traders worry about the impact of US tariffs on canola oil exports to the US.
$A back above 62USc on thoughts Trump may opt for a gradual introduction of tariffs. US core inflation reading tonight will set the tone of the $A for the rest of the week. The consensus is for core CPI to be +0.3%/mth in Dec for a fifth consecutive month. A surprise to the downside/upside will see $US weaken/strengthen and $A do the opposite.
BOM; isolated showers and thunderstorms for parts of the sorghum belt.
There is some renewed volume demand for chickpeas and export interest seems to be building for both milling and feed wheat but nothing to report yet. Trade is quiet with some growers still at the beach and the others reluctant sellers at current prices.
24/25 Best Bids 15/1
Wheat APW1 $380/t Kwinana (n/c), $350/t Geelong (n/c).
Feed barley $330/t Kwinana (n/c), $312/t Geelong (n/c).
Canola EU $880/t (n/c) & non-EU $742/t (n/c) Kwinana, EU $820/t (n/c) & non-EU $698/t (-7) Geelong.
Open Market Call
Cereal bids will be flat, canola lower.
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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