Grain Report Thursday - 23rd 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.
Grains retreated from multi-month highs on rain forecast for Argentina.
China has stopped receiving Brazilian soybean shipments from five firms after the detection of pesticide and pests in routine inspections. Brazil said it’s working with China to resolve the issue and doesn’t expect it to be long-term or have a significant effect on export volumes.
Another cold snap across the central US has crop watches concerned about winterkill.
Jordan is tendering for another 120,000t of wheat but otherwise buyers are quiet.
Ukrainian feed wheat and corn prices are firming gradually on stronger demand coupled with short covering.
Wheat is being pushed up by feed grain sector (higher corn prices and increased feed demand for wheat) rather than pulled up by milling wheat demand.
Trump’s pick to run the USDA, Brooke Rollins led an organization backed by the oil industry that opposed ethanol mandates and farm subsidies.
$A 62.8USc supported by a rally in equities and commodities and a stronger Chinese currency.
BOM hot out west, some showers forecast for inner sorghum belt.
German vegoil analyst industry told Canadian growers that the canola market has bullish independent fundamentals, with global vegoil supplies tightening and Europe likely needing Canadian imports soon. However, heavy stocks of US soybeans and a glut of protein meal are restraining prices.
WA feed barley values continue to grind higher, gaining another $2/t and up $24/t since pre-Christmas. In contrast, milling wheat values are some $20/t lower than harvest highs as the lack of export activity has seen prices drift lower. The wheat/barley spread has narrowed from $75/t to $35/t, internationally the wheat/corn spread has gone from $80/t to $20/t. Wheat is cheap but still no real pickup in demand.
Local canola markets are starting to become a bit thin and harder to quote. We have used CGX traded prices to frame the market, CAN1 traded at $905/t Kwinana yesterday which is up around $60/t on the last published bid at $845/t.
24/25 Best Bids 22/1
Wheat APW1 $377/t Kwinana (+2), $345/t Geelong (+1).
Feed barley $342/t Kwinana (+2), $317/t Geelong (+1).
Canola EU $905/t (n/c) & non-EU $745/t (n/c) Kwinana, EU $800/t (+4) & non-EU $665/t Geelong (n/c).
Clear Grain Exchange (CGX) Open Market Call
Firm to higher.
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
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