Grain Report Thursday - 16th March

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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Look Out!

• Wheat and corn markets continue the upwards trend. Soybeans and canola were softer again.

• Crude oil futures are getting smacked like the Blues tonight, trading at 15-month lows (the previous low was in Dec 2021).

• To put things in perspective, on the 6th of June 2022, crude oil was USD $101.50 (AUD $140) per barrel. Last night it closed at USD $68.24 (AUD $103).

• This will eventually be seen at the bowser and freight rates “should” soften, but like banks with interest rates, it usually takes longer for decreases to be passed on.

• The Philippines purchased 40,000 tonnes of feed wheat at USD $310 C&F (cost and freight at their ports), equivalent to AUD $408 FIS WA & AUD $387 track on the east coast.

• This is USD $22 lower than what they paid for feed wheat on the 13th Feb 2022, however after adjusting for currency, the export parity value is AUD $9 lower.

• I mentioned yesterday that the Egyptians are the most transparent buyer in the market, stating they had enough wheat stock for 3 months, which meant they will tender this week. Well, they have just announced a tender for April delivery (on a FOB basis).

• “Get it India” can’t take a trick. Their crops were under a fair bit of stress with high temperatures through February. Now as harvest commences, key growing areas are about to get hit with rain and hail storms over the next 10 days.

• Any production problems with their wheat crop will see markets supported as they will need to import with their stock levels at 6-year lows.

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